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Report: Boardroom politics prompted resignation of California-based Summit State Bank CEO

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Report: Boardroom politics prompted resignation of California-based Summit State Bank CEO

The largest shareholder of Santa Rosa, Calif.-based was the main proponentof the departure of former president and CEO Thomas Duryea, the (Santa Rosa, Calif.) North Bay Business Journal reported May 9.

Citing an interview with Marshall Reynolds, one of the bank'sdirectors and its largest shareholder, the news outlet said that Reynolds grew dissatisfiedwith the bank's direction and growth strategy. And while he told North Bay that Duryea was "capable"and did "his best," his expected growth for the bank did not materialize.This led to Reynolds engineering Duryea's resignation, which in turn led to theresignation of Mark DeMeo,a director who has a stake in the bank worth $2.7 million. DeMeo cited his disagreementwith Duryea's resignation as one of the reasons he stepped down from his seat onthe board.

DeMeo told the news outlet that he believed that Duryea was doingwell, but his independent leadership style was not accepted by all the members ofthe board. He also said that efforts to remove Duryea had been going on for morethan six months.