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Broadway Financial Corporation, Inc. President and CEO Brian E. Argrett to Add Chair Role
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Broadway Financial Corporation (Nasdaq: BYFC) has announced a leadership transition within its Board of Directors. Effective April 1, 2023, Brian E. Argrett has been appointed as Board Chair while retaining his role as CEO. Wayne-Kent A. Bradshaw has been elected as Vice Chair and Marie C. Johns continues as Lead Independent Director. This move is part of the governance succession plan post the merger with CFBanc Corporation. The Board reaffirmed its Corporate Governance Guidelines during this transition, emphasizing strengthened governance.
Positive
Appointment of Brian E. Argrett as Board Chair is expected to enhance decision-making and execution of corporate strategy.
Continued leadership of experienced executives, including Wayne-Kent A. Bradshaw and Marie C. Johns.
Negative
None.
Marie Johns to continue as Lead Independent Director and Wayne Bradshaw elected as Vice Chair
LOS ANGELES--(BUSINESS WIRE)--
Broadway Financial Corporation, Inc. (Nasdaq: BYFC) (“Broadway”), the parent company of City First Bank, N.A. (the “Bank”), announced that its Board of Directors unanimously elected President and CEO Brian E. Argrett to the role of Board Chair of both Broadway and the Bank, effective April 1, 2023, on the two-year anniversary of the merger of equals of Broadway and CFBanc Corporation and their bank subsidiaries. The Board of Directors also unanimously elected current Board Chair Wayne-Kent A. Bradshaw as Vice Chair and reelected Marie C. Johns as Lead Independent Director. This transition realizes the governance succession plans established in connection with the merger to elevate Mr. Argrett to serve as Board Chair while continuing to serve as Chief Executive Officer.
Mr. Argrett served as a director and CEO of City First Bank from 2011 until the merger on April 1, 2021, and has served as Vice Chair and CEO of Broadway since the merger.
“Brian is a rare talent with the strong board and executive leadership ability required to take on the combined role of CEO and Board Chair. I look forward to working alongside him as Vice Chair of the Board,” said Mr. Bradshaw. “As we continue to grow, combining the Chair and CEO roles was designed to enhance effective decision-making and execution of corporate strategy.”
Mr. Bradshaw served as Board Chair since the merger, and previously served as the Chief Executive Officer of Broadway since 2012.
“Brian has been a phenomenal leader of City First Bank, bringing the community development vision of our founders to life with a clear focus, strategy, and commitment to our mission,” said Ms. Johns.
Ms. Johns was appointed Lead Independent Director upon the closing of the merger and formerly served as Board Chair of CFBanc Corporation from 2018 to 2021. She is the owner of PPC-Leftwich, LLC, a business development, organizational effectiveness, and public policy consulting practice, which is based in Washington, D.C.
Concurrent with the appointments, the Board affirmed its Corporate Governance Guidelines. Among other things, these Guidelines define the responsibilities of the Lead Independent Director.
About Broadway Financial Corporation
Broadway Financial Corporation (Nasdaq-CM: BYFC) conducts its operations through its wholly-owned banking subsidiary, City First Bank, National Association, collectively referred to as CityFirstBroadway, which is a leading provider of financial products and services to economically underserved urban communities.
Backed by 75 years of experience, and with operations in Washington, D.C. and Los Angeles, California, City First Bank offers a variety of commercial real estate loan products, services, and depository accounts that support investments in affordable housing, small businesses, and nonprofit community facilities located within low-to-moderate income urban neighborhoods.
Stockholders, analysts, and others seeking information about the Company are invited to write to: Broadway Financial Corporation, Investor Relations, 4601 Wilshire Boulevard, Suite 150, Los Angeles, CA 90010 or contact Investor Relations at the phone number or email address below.
What leadership changes occurred at Broadway Financial Corporation (BYFC)?
Broadway Financial Corporation has appointed Brian E. Argrett as Board Chair and Wayne-Kent A. Bradshaw as Vice Chair, with Marie C. Johns continuing as Lead Independent Director.
When did the leadership transition at Broadway Financial Corporation take effect?
The leadership changes at Broadway Financial Corporation took effect on April 1, 2023.
What is the role of Brian E. Argrett at Broadway Financial Corporation?
Brian E. Argrett serves as both CEO and Board Chair of Broadway Financial Corporation.
What are the Corporate Governance Guidelines affirmed by Broadway Financial Corporation?
The Corporate Governance Guidelines define the responsibilities of the Lead Independent Director and were reaffirmed during the leadership transition.
How does Broadway Financial Corporation serve economically underserved communities?
Broadway Financial Corporation, through City First Bank, provides financial products and services aimed at supporting investments in affordable housing and small businesses in low-to-moderate income urban neighborhoods.
