WAL - Western Alliance extends CEO's contract names new chairman

Western Alliance Bancorporation's (NYSE:WAL) has extended CEO and President Kenneth A. Vecchione's contract through at least 2024, the company said in a statement. It also announced that Bruce Beach will become chairman at the company's annual meeting in June. Beach, an entrepreneur and accounting industry professional, has been the Western Alliance board's lead independent director since 2010. Beach will succeed Robert Sarver who is retiring from his role of executive chairman. Sarver served as WAL's CEO from 2002 until March 2018. Steve Hilton, one of Western Alliances' longest-tenured directrors, is also retiring from the board. In addition, Patricia Arvielo has been nominated as a new director to the board. Arvielo is the co-founder and President of New American Funding, an independent mortgage lender. The company expects to add another new director later this year. Last month, the company's chairman and CFO bought $2.1M worth of Western Alliance (WAL) shares.

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Western Alliance extends CEO's contract, names new chairman