Heritage Commerce Corp Announces Chief Financial Officer Succession
Heritage Commerce Corp (Nasdaq: HTBK) announced that Executive Vice President and CFO Lawrence D. McGovern will depart in February 2025. Current COO Thomas A. Sa will serve as Interim CFO starting November 18, 2024, while the company searches for a permanent replacement. McGovern will remain in a transitional role until mid-February 2025. The company emphasized that McGovern's departure is not related to any concerns regarding financial statement integrity. Heritage Commerce Corp is the parent company of Heritage Bank of Commerce, operating full-service branches across multiple California locations.
Heritage Commerce Corp (Nasdaq: HTBK) ha annunciato che il Vicepresidente Esecutivo e CFO Lawrence D. McGovern lascerà l'incarico a febbraio 2025. L'attuale COO Thomas A. Sa fungerà da CFO ad interim a partire dal 18 novembre 2024, mentre l'azienda cercherà un sostituto permanente. McGovern rimarrà in un ruolo di transizione fino a metà febbraio 2025. L'azienda ha sottolineato che la partenza di McGovern non è legata a preoccupazioni riguardo all'integrità dei bilanci. Heritage Commerce Corp è la società madre di Heritage Bank of Commerce, che opera sportelli a servizio completo in diverse località della California.
Heritage Commerce Corp (Nasdaq: HTBK) anunció que el Vicepresidente Ejecutivo y CFO Lawrence D. McGovern se irá en febrero de 2025. El actual COO Thomas A. Sa asumirá como CFO interino a partir del 18 de noviembre de 2024, mientras la empresa busca un reemplazo permanente. McGovern permanecerá en un rol de transición hasta mediados de febrero de 2025. La empresa enfatizó que la salida de McGovern no está relacionada con preocupaciones sobre la integridad de los estados financieros. Heritage Commerce Corp es la empresa matriz de Heritage Bank of Commerce, que opera sucursales de servicio completo en varias localidades de California.
헤리티지 커머스 코퍼레이션 (Nasdaq: HTBK)은 재무부사장 겸 CFO인 로렌스 D. 맥거번이 2025년 2월에 퇴직한다고 발표했습니다. 현재 COO인 토마스 A. 사가 2024년 11월 18일부터 임시 CFO로 활동하며, 회사는 정식 후임자를 찾고 있습니다. 맥거번은 2025년 2월 중순까지 전환 역할을 유지할 것입니다. 회사는 맥거번의 퇴직이 재무 보고서의 무결성과 관련된 우려와는 관계가 없다고 강조했습니다. 헤리티지 커머스 코퍼레이션은 헤리티지 뱅크 오브 커머스의 모회사로, 캘리포니아 여러 지역에서 종합 서비스 지점을 운영하고 있습니다.
Heritage Commerce Corp (Nasdaq: HTBK) a annoncé que le Vice-Président Exécutif et CFO Lawrence D. McGovern partira en février 2025. L'actuel COO Thomas A. Sa assumera le rôle de CFO par intérim à partir du 18 novembre 2024, tandis que l'entreprise recherche un remplaçant permanent. McGovern restera dans un rôle transitoire jusqu'à mi-février 2025. L'entreprise a souligné que le départ de McGovern n'est pas lié à des préoccupations concernant l'intégrité des états financiers. Heritage Commerce Corp est la société mère de Heritage Bank of Commerce, qui exploite des agences à service complet à plusieurs emplacements en Californie.
Heritage Commerce Corp (Nasdaq: HTBK) gab bekannt, dass der Executive Vice President und CFO Lawrence D. McGovern im Februar 2025 ausscheiden wird. Der derzeitige COO Thomas A. Sa wird ab dem 18. November 2024 als Interim CFO fungieren, während das Unternehmen nach einem dauerhaften Nachfolger sucht. McGovern wird bis Mitte Februar 2025 in einer Übergangsrolle bleiben. Das Unternehmen betonte, dass McGoverns Ausscheiden nicht mit Bedenken hinsichtlich der Integrität der Finanzberichte verbunden ist. Heritage Commerce Corp ist das Mutterunternehmen von Heritage Bank of Commerce, das vollumfängliche Filialen an mehreren Standorten in Kalifornien betreibt.
- Smooth leadership transition planned with experienced interim CFO
- No concerns regarding financial statement integrity
- Departure of long-term CFO (26 years of service)
Lawrence D. McGovern to Depart Company in February 2025; Thomas A. Sa to Serve as Interim Chief Financial Officer
SAN JOSE, Calif., Nov. 13, 2024 (GLOBE NEWSWIRE) -- Heritage Commerce Corp (Nasdaq: HTBK), (“Company”), the holding company for Heritage Bank of Commerce (“Bank”), today announced that Executive Vice President and Chief Financial Officer Lawrence D. McGovern is expected to depart the Company in February 2025.
Thomas A. Sa, who currently serves as the Chief Operating Officer for the Company and the Bank, will assume the duties of Chief Financial Officer on an interim basis beginning November 18, 2024, while the Company and the Bank complete a search for Mr. McGovern’s permanent replacement. Mr. McGovern will continue with the Company in a transitional role during this period, which is expected to continue until mid-February 2025. Mr. Sa and Mr. McGovern will work together closely in the coming weeks to ensure a seamless transition.
The Company’s Chief Executive Officer, Robertson “Clay” Jones, stated, “We are grateful to Larry for his 26 years of dedicated service to the Bank and the Company and we wish him the very best in his next chapter.”
Mr. Jones continued, “We are fortunate that Tom Sa, who recently joined as our COO, has extensive banking and securities reporting experience, including having served as Chief Financial Officer at both California BanCorp and Bridge Capital Holdings. We are confident that Tom is well suited to serve as Interim CFO while we conduct the search for a permanent CFO.”
The Company confirmed that Mr. McGovern’s departure does not relate to any concerns regarding the integrity or reliability of the Company’s financial statements.
Heritage Commerce Corp, a bank holding company established in October 1997, is the parent company of Heritage Bank of Commerce, established in 1994 and headquartered in San Jose, CA with full-service branches in Danville, Fremont, Gilroy, Hollister, Livermore, Los Altos, Los Gatos, Morgan Hill, Oakland, Palo Alto, Pleasanton, Redwood City, San Francisco, San Jose, San Mateo, San Rafael, and Walnut Creek. Heritage Bank of Commerce is an SBA Preferred Lender. Bay View Funding, a subsidiary of Heritage Bank of Commerce, is based in San Jose, CA and provides business-essential working capital factoring financing to various industries throughout the United States. For more information, please visit www.heritagecommercecorp.com. The contents of our website are not incorporated into, and do not form a part of, this release or of our filings with the Securities and Exchange Commission.
Member FDIC
For additional information, contact:
Thomas A. Sa
Chief Operating Officer
Tom.Sa@herbank.com
FAQ
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