BBCN Bancorp Inc. (BBCN: Quote) announced that Alvin Kang planned to step down as President and Chief Executive Officer and as a Director of the company and its subsidiary, BBCN Bank, effective as of close of business on January 31.
Until a successor is appointed, the Board of Directors has established an Executive Council to carry out the responsibilities of the chief executive. The company’s board of directors said it will retain an executive search firm to initiate a formal search for a new chief executive.
Executive Vice President and Chief Operating Officer, Bonita Lee will be given the additional title of Acting President and will lead the Executive Council. The Executive Council membership will also include Executive Vice President and Chief Financial Officer Philip Guldeman, and Executive Vice President and Chief Commercial Banking Officer Kyu Kim.
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by RTT Staff Writer
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