Andover, MA
Boston, MA
Bradenton, FL
Geneva, SZ
Lausanne, SZ
Newport, RI
Providence, RI
Shanghai, CN
Waltham, MA
Navigating Leadership Transition in a Changing Banking Landscape
A community bank with $2.5B in assets was undergoing a period of transition. With increased competition from national institutions and fintech disruptors, the Bank’s Board sought a new Chief Executive Officer (CEO) who could modernize operations, strengthen community relationships, and drive long-term growth.
Identifying a Leader to Drive Growth
The outgoing CEO had been in place for over 30 years, and the Board faced a critical succession challenge. They needed a leader with a proven track record in banking, but also someone who could:
- Navigate an evolving regulatory environment.
- Lead digital transformation initiatives.
- Preserve the Bank’s deep community roots while positioning it for future competitiveness.
The search required balancing strategic vision with hands-on leadership, as well as ensuring alignment across a diverse Board of Directors.
Mapping a Path to Transformational Leadership
We began with an in-depth discovery process, engaging each Board Member to understand their priorities for the next chapter of leadership. Using KLR’s network across banking and financial services, we identified a mix of candidates with CEO and senior executive experience at both local banks, regional banks, and fintech institutions.
The KLR Team worked closely with banking partners from our parent accounting firm, who provide tax, compliance, and advisory services to financial institutions. This expertise helped us assess each candidate’s experience with regulatory frameworks, enterprise risk management, and financial reporting standards unique to the banking sector.
Connecting Talent with Board Priorities
Stakeholder Alignment: Conducted one-on-one sessions with Board Members to prioritize leadership competencies.
Market Mapping: Networked with potential candidates across the Northeast and Mid-Atlantic banking markets.
Candidate Vetting: Evaluated experience in Board Relations & Strategic Planning, Strategic Leadership/Management, Financial - P&L & ALM, Business Development & Community, Lending, Retail & Operations, Informational Technology & Digital, and Risk Management & Regulatory Relations.
Board Collaboration: Presented a carefully curated slate of eight finalists and guided the Board through structured interviews and assessments.
Modernizing Strategy & Driving Performance
Within 90 days, the Board selected a candidate with prior CEO experience at a mid-sized regional bank. The new CEO quickly set a forward-looking strategy, which included:
- Launching a digital banking platform within the first 12 months.
- Establishing a leadership development program to strengthen succession planning.
- Expanding commercial lending, resulting in double-digit growth in year one.
"The KLR team delivered exactly what we needed: a leader who not only brings vision and industry expertise, but also understands the values that define our Bank. The process was collaborative, transparent, and thorough. We’re confident we’ve secured the right CEO to lead us into the future."
- Chair of the Board
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