PACWEST BANCORP (NASDAQ:PACW) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April27, 2018, the Compensation, Nominating and Governance Committee of PacWest Bancorp (the “Company”) approved an amendment to the Company’s existing employment arrangement with James J. Pieczynski, the Company’s Executive Vice President, President of the CapitalSource Division of Pacific Western Bank (the “Bank”) and member of the Board of Directors of the Company and the Bank.
Under the new employment arrangement, effective June1, 2018, Mr.Pieczynski will no longer serve on a full-time basis in his current capacity. Instead, Mr.Pieczynski will continue his employment with the Bank on a part-time basis (3 days per week) at an annual base salary of $480,000 and will have the title of Vice Chairman.
Mr.Pieczynski will remain an executive officer of the Company for purposes of Section16 under the Securities Exchange Act of 1934, as amended. Additionally, he will continue to serve as an employee director on the Board of Directors of the Company and the Bank and will continue to be subject to the requirements of Regulation O of the Board of Governors of the Federal Reserve System. Finally, Mr.Pieczynski will continue to serve as a member of the credit committees of the Bank’s CapitalSource and Square 1 Bank Divisions.
Item 8.01. Other Events.*
In connection with Mr.Pieczynski’s new employment arrangement, Laird M. Boulden has been appointed, effective June1, 2018, as the President of the CapitalSource Division of the Bank. Mr.Boulden currently serves as the CapitalSource Division Executive Vice President, Chief Lending Officer.
Mr.Boulden previously served as President of CapitalSource Inc. and Chief Lending Officer of CapitalSource Bank. Mr.Boulden served as President of the Corporate Asset Finance group and the Corporate Finance group of CapitalSource Bank. Earlier in his career, Mr.Boulden was co-founder of Tygris Commercial Finance where he served as President of Tygris Asset Finance. Prior to that, Mr.Boulden served as President and CEO of RBS Asset Finance,Inc., a division of RBS Citizens, N.A. Prior to that, he served as Group President at Heller Financial Inc.
On April27, 2018, the Company issued a press release announcing Mr.Pieczynski’s and Mr.Boulden’s new appointments. A copy of the press release is filed as Exhibit99.1 of this Form8-K.
Item 9.01 Financial Statements and Exhibits.*
(d) Exhibits.
*The information furnished under Item 8.01 and Item 9.01 of this Current Report on Form8-K, including the exhibit, shall not be deemed “filed” for purposes of Section18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section, nor shall it be deemed incorporated by reference in any registration statement or other filings of PacWest Bancorp under the Securities Act of 1933, as amended, except as shall be set forth by specific reference in such filing.