PacWest Bancorp and Pacific Western Bank announced the following changes to the company’s Board of Directors and executive team.

Paul W. Taylor, President of the Company and the Bank, has been appointed Chief Executive Officer of the Company and the Bank, effective Jan. 1, 2023. Taylor will have full management, financial and leadership responsibilities for the Company’s and the Bank’s operations.

Matthew P. Wagner, Chief Executive Officer of the Company and the Bank, will transition to the role of Executive Chairman of the Boards of Directors for the Company and the Bank for a one-year term beginning Jan. 1, 2023. In this role, Wagner will focus on customer relations, technology development and supporting a seamless transition of duties to Taylor.

John M. Eggemeyer, III, Chairman of the Company’s Board, will transition to the role of Lead Director, effective Jan. 1, 2023.

Kevin L. Thompson has been appointed Executive Vice President, Chief Financial Officer. Thompson has more than 20 years of experience in finance and has spent more than 15 years in senior finance roles in the banking sector, including as Chief Financial Officer of First Foundation Inc., Opus Bank, Midland States Bancorp, and American Express Centurion Bank. He succeeds Bart R. Olson, who will assume the role of Executive Vice President, Finance, through Feb. 28, 2023, to assist with an orderly transition.

“We are pleased to announce Paul’s appointment as CEO,” said Eggemeyer. “Having previously served as CEO of two publicly traded banks, Paul has an outstanding track record of delivering for customers, employees, communities, and stockholders. He has a clear vision for the future of PacWest, in particular improving our capital, profitability, and operational effectiveness.”

Taylor said, “I am honored to take the helm of PacWest following the retirement of our long-time leader and CEO, Matt. I am excited to build upon PacWest’s strengths as we sharpen our strategic focus on our core relationship-based commercial business and strengthening capital.”

Taylor continued, “As we enter this new chapter, we are also pleased to have someone of Kevin’s caliber join PacWest as CFO. Kevin and I have a great working relationship, and he is a high-integrity leader who shares PacWest’s commitment to accountability, profitability, discipline, and execution. He will be integral to PacWest’s efforts in this next chapter.”

Eggemeyer added, “We are grateful for Matt’s more than two decades of leadership as CEO of PacWest. During his tenure, PacWest has grown substantially, today standing with over $41 billion in assets. We look forward to continuing to benefit from his experience, insights, and customer relationships in his role as Executive Chairman. Finally, on behalf of the Board, I would also like to thank Bart for his service and dedication to PacWest.”

“I am grateful for the many years I have spent at PacWest and am proud of the organization we have built,” said Wagner. “I believe the time is right to transition leadership and am confident that Paul is the ideal person to lead PacWest into the future as we focus on delivering value to our stockholders. I am excited to continue working with him and the Board in my new role.”