Seacoast Banking Corporation of Florida Implements CEO Succession Plan
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) has announced the promotion of Charles "Chuck" Shaffer to chief executive officer (CEO), completing a previously disclosed succession plan. Shaffer, who has served as president and COO since June 2020, is recognized for his significant contributions to the company's growth strategy. Former CEO Dennis Hudson III takes on the role of executive chairman. With approximately $8.3 billion in assets and a strong community banking presence, Seacoast aims for continued success under Shaffer's leadership.
- Appointment of Charles Shaffer as CEO expected to enhance leadership continuity.
- Shaffer's extensive experience within the company supports growth and strategic execution.
- None.
~ Charles Shaffer promoted to chief executive officer ~
STUART, Fla., Jan. 04, 2021 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (NASDAQ: SBCF), one of the largest community banks based in Florida, today announced that it has implemented the succession plan previously disclosed in June 2020. Charles “Chuck” Shaffer, the Company’s former president and chief operating officer (COO), has been promoted to chief executive officer (CEO) and elected to the Company’s board of directors. Former chairman and CEO Dennis “Denny” Hudson III has assumed the position of executive chairman of the board of directors.
“This transition marks the completion of a careful and methodical plan that has been in the works for some time,” Hudson said. “During the past several years, Chuck has demonstrated through his excellent execution of our balanced growth strategy that he is the right person to lead Seacoast. He has been instrumental in positioning Seacoast for what we believe will be a vibrant future.”
Shaffer served as president and COO since June 2020 and as COO and chief financial officer (CFO) since May 2019. Previously, he served as executive vice president and CFO since January 2017. Before that, Shaffer led the Company’s community banking group from October 2013 to January 2017, and as senior vice president and controller from December 2005 through September 2013.
As a key driver of the Company’s growth strategy, Shaffer has been instrumental in influencing Seacoast’s retail, commercial banking, wealth, digital, and non-branch distribution strategies, as well as designing and working across the organization at all levels to deliver peer-leading earnings performance.
“I am honored to be entrusted to serve as CEO,” Shaffer said. “I have had the extraordinary opportunity to work with Denny, our management team, and our board of directors on a thoughtful strategy to create value for our shareholders and customers by focusing on relationship banking, appropriate risk and credit posture, and innovation. I’ve also been fortunate to witness the tremendous positive impact the Company has in the communities it serves, and I look forward to continuing this effort in the years ahead.”
Shaffer, a native of Florida, holds a bachelor of science degree in finance from Florida State University, a bachelor of arts degree in accounting from Florida Atlantic University, and a master of business administration with a finance specialization from the University of Central Florida, and he is a graduate of the advanced management program at the University of Pennsylvania Wharton School of Business. He is a certified public accountant (CPA) licensed in Florida.
About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)
Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida, with approximately
Cautionary Notice Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning, and protections, of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements about future financial and operating results, as well as statements with respect to Seacoast's leadership team and board of directors, objectives, strategic plans, expectations and intentions and other statements that are not historical facts, any of which may be impacted by the COVID-19 pandemic and related effects on the U.S. economy. Actual results may differ from those set forth in the forward-looking statements.
Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates and intentions about future performance and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance or achievements of Seacoast to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. You should not expect us to update any forward-looking statements.
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Given the many unknowns and risks being heavily weighted to the downside, our forward-looking statements are subject to the risk that conditions will be substantially different than we are currently expecting. If efforts to contain COVID-19 are unsuccessful and restrictions on movement continue, the recession would be much longer and much more severe. Ineffective fiscal stimulus, or an extended delay in implementing it, are also major downside risks. The deeper the recession is, and the longer it lasts, the more it will damage consumer fundamentals and sentiment. This could both prolong the recession, and/or make any recovery weaker. Similarly, the recession could damage business fundamentals. And an extended global recession due to COVID-19 would weaken the U.S. recovery. As a result, the outbreak and its consequences, including responsive measures to manage it, have had and are likely to continue to have an adverse effect, possibly materially, on our business and financial performance by adversely affecting, possibly materially, the demand and profitability of our products and services, the valuation of assets and our ability to meet the needs of our customers.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2019 and our quarterly report on Form 10-Q for the quarter ended September 30, 2020, under "Special Cautionary Notice Regarding Forward-looking Statements" and "Risk Factors", and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at www.sec.gov.
CONTACT:
Rafael Brazon-Di Fatta
rafael@sachsmedia.com
(786) 567-2791
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