Umpqua Holdings Corporation Announces CEO Succession Plan
June 20 2016 - 8:15AM
Business Wire
President and CEO Ray Davis to Become
Executive Chair January 2017; Cort O’Haver Named Incoming President
and CEO
Umpqua Holdings Corporation (NASDAQ: UMPQ) announced today that,
effective January 1, 2017, president and CEO Ray Davis will move
into a new role as executive chair of the company’s board of
directors. Cort O’Haver, currently president of Umpqua Bank, will
succeed Davis as president and CEO, and will be elected to the
company’s board of directors in January of 2017.
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Umpqua Holdings Corporation announces
president and CEO Ray Davis will move into a new role as executive
chair of the company’s board of directors, effective January 1,
2017. Cort O’Haver (pictured), currently president of Umpqua Bank,
will succeed Davis as president and CEO. (Photo: Business Wire)
“As president and CEO, Ray has transformed Umpqua into one of
the most distinctive financial institutions in the country, built a
terrific management team and guided the company successfully
through the worst economic crisis in recent history,” said Peggy
Fowler, Umpqua Holdings Corporation board chair. “As we look to the
future, the board’s focus has been to identify the right leader to
build on the company’s strong foundation, and Cort is clearly that
person. His deep expertise in banking and passion for the company’s
customer experience and culture are unmatched, and the board has
great confidence that he will lead Umpqua to continued
success.”
Davis, 67, will become the board’s executive chair after more
than 20 years leading Umpqua through an extraordinary period of
growth and innovation. Under his leadership, Umpqua has grown from
$150 million in assets in 1994 to more than $24 billion in assets
today, and pioneered a distinctive customer experience and
corporate culture that have become iconic in the banking industry.
Beginning January 1, 2017, in addition to serving as board chair,
Davis will continue to oversee the company’s innovation subsidiary,
Pivotus Ventures, Inc., while working with O’Haver to advance key
strategic initiatives and ensure a seamless CEO transition.
“Throughout the board’s rigorous succession process, Cort has
demonstrated his ability to take Umpqua to the next level. He’s an
outstanding leader who has played a pivotal role in the company’s
ability to navigate successfully through the economic crisis and in
the integration of the largest acquisition in Umpqua’s history,”
said Ray Davis, Umpqua Holdings Corporation president and CEO.
“Cort understands Umpqua’s focus on building a different kind of
bank – one that offers a distinct experience and value proposition
– and brings strategic thinking to how we can continue to evolve
and grow into the future. I’m confident the company will thrive
under his leadership and look forward to working with him in this
new role.”
O’Haver joined Umpqua as executive vice president of commercial
banking in 2010, bringing more than 25 years of banking experience
to the company. Since then, he successfully diversified Umpqua’s
commercial business and capabilities, adding international banking,
equipment leasing and debt capital markets divisions, while also
managing geographic expansion into new markets. Earlier this year,
he was promoted to president of Umpqua Bank.
“It’s an honor to have the opportunity to lead this great
company and talented team into the future,” said Cort O’Haver,
Umpqua Bank president. “Under Ray’s leadership, Umpqua has grown
into one of the most distinctive banks in the country. My
commitment is to build on that legacy by accelerating our pace of
progress while sustaining our uncompromising focus on our
associates, customers and communities.”
About Umpqua Holdings Corporation
Umpqua Holdings Corporation (NASDAQ: UMPQ) is the parent company
of Umpqua Bank, an Oregon-based community bank recognized for its
entrepreneurial approach, innovative use of technology, and
distinctive banking solutions. Umpqua Bank has locations across
Idaho, Washington, Oregon, California and Northern Nevada. Umpqua
Holdings also owns a retail brokerage subsidiary, Umpqua
Investments, Inc., which has locations in Umpqua Bank stores and in
dedicated offices in Oregon. Umpqua Private Bank serves high net
worth individuals and non-profits, providing trust and
investment services. Umpqua Holdings Corporation is headquartered
in Portland, Oregon. For more information, visit
www.umpquaholdingscorp.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160620005278/en/
Umpqua Holdings CorporationEve Callahan,
503-727-4188evecallahan@umpquabank.com
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