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Gilroy, Calif.-based Pinnacle Bank CEO to take on new role in the company

Susan Black, president and CEO of Gilroy, Calif.-based Pinnacle Bank, will take on a newly created role in the company as executive vice chairman, effective Feb. 1, 2017.

Black will remain a member of the board of directors following the appointment, according to a press release.

The company's executive vice president and chief banking officer Jeffrey Payne will replace her as president and CEO, effective Feb. 1, 2017. Payne will also join the company's board of directors.

In her new role, Black will serve as senior adviser to the management on strategic initiatives, client relations and board development matters.