Redwood Capital Bancorp President and CEO Taking Leave of Absence

Rhea-AI Summary

On September 28, 2021, Redwood Capital Bancorp (OTCQB:RWCB) announced that its President and CEO, John E. Dalby, will take a temporary medical leave of absence starting October 1, 2021 for health reasons unrelated to COVID-19. His leave is expected to last until the end of 2021. Despite his absence, Dalby will continue to monitor the company's operations as feasible, while the executive management team will oversee daily operations. The Board of Directors supports Dalby’s decision, affirming confidence in the management team to maintain company strategy.

Positive

• Executive management team will manage day-to-day operations effectively.
• John E. Dalby remains involved in the company's activities during his leave.
• Confidence from the Board of Directors in the management team's abilities.

Negative

• Temporary absence of the CEO may cause uncertainty among stakeholders.

EUREKA, Calif.--(BUSINESS WIRE)-- On September 28, 2021, REDWOOD CAPITAL BANCORP (OTCQB:RWCB ) announced that commencing October 1, 2021, John E. Dalby, President and CEO of Redwood Capital Bancorp and its subsidiary, Redwood Capital Bank, will be taking a temporary medical leave of absence unrelated to COVID-19. The leave is expected to continue for the remainder of 2021. Mr. Dalby will remain involved in and continue to monitor the business of the companies during his leave, to the extent practical, while the day-to-day operations will be managed by the executive management team and the Boards of Directors. He will remain a member of the Boards of Directors during his leave.

John E. Dalby, President and CEO, stated, “Redwood Capital Bank is built on a solid foundation and will continue to operate efficiently and effectively in my absence. I have every confidence in our executive management team and staff and with the guidance of the Boards of Directors, the company is in excellent hands. On behalf of myself and my family, thank you for your best wishes as I take this time to focus on my health and recovery. I have every intention of returning to my position at Redwood Capital Bank.”

Chairman of the Boards of Directors John J. Gierek, Jr., added, “On behalf of the Boards of Directors, executive management team and staff we support John and together agree that it is in the best interest of all Redwood Capital Bank stakeholders that he focus full-time on his health. Everyone connected with Redwood Capital Bank is wishing John a complete recovery and looking forward to welcoming him back. In the interim, the Board has every confidence in the executive leadership’s abilities to continue to implement the companies’ mission and strategy.”

For more information regarding Redwood Capital Bancorp, please visit our website at www.redwoodcapitalbank.com, contact Jennifer Budwig Acting CEO, at (707) 444-9817, or stop by our headquarters and main office at 402 “G” Street, Eureka, California 95501. Redwood Capital Bancorp (OTCQB:RWCB) trades on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com.

This press release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank is conducting its operations, including the real estate market in California and other factors beyond the Bank’s control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210928005386/en/

Jennifer Budwig, Acting CEO, (707) 444-9817

 

Source: REDWOOD CAPITAL BANCORP

FAQ

Who is taking a medical leave of absence at Redwood Capital Bancorp?

John E. Dalby, the President and CEO, is taking a medical leave of absence.

When does John E. Dalby's medical leave start?

John E. Dalby's medical leave starts on October 1, 2021.

How long will John E. Dalby's medical leave last?

His leave is expected to last until the end of 2021.

Who is managing Redwood Capital Bancorp during Dalby's absence?

The executive management team will manage day-to-day operations.

Is John E. Dalby still involved with Redwood Capital Bancorp during his leave?

Yes, Dalby will continue to monitor the business as feasible during his leave.