Peapack-Gladstone (PGC) to Split Chairman and CEO Roles
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Peapack-Gladstone Financial Corporation (Nasdaq: PGC) announced today that the Nominating Committee of the Board of Directors and Mr. Frank Kissel, Chairman and CEO, have determined to separate the position of Chairman from the position of CEO. In connection with that decision, Mr. Kissel will continue as Chairman and relinquish the position of CEO when the Board has elected a new CEO.
Philip W. Smith, III, Chairman of the Nominating Committee, stated: "Management succession is an essential component of the Nominating Committee charter. With the repayment of our TARP preferred stock and warrants, and a slowly improving economic environment, the Committee and Mr. Kissel believe it is the right time to add to our management structure. Peapack-Gladstone Bank and PGB Trust and Investments have a long and proud history. We see this as a strong statement that we intend to continue that history as we position ourselves to take our Company to the next level of community banking."
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Philip W. Smith, III, Chairman of the Nominating Committee, stated: "Management succession is an essential component of the Nominating Committee charter. With the repayment of our TARP preferred stock and warrants, and a slowly improving economic environment, the Committee and Mr. Kissel believe it is the right time to add to our management structure. Peapack-Gladstone Bank and PGB Trust and Investments have a long and proud history. We see this as a strong statement that we intend to continue that history as we position ourselves to take our Company to the next level of community banking."
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