PacWest Bancorp and Pacific Western Bank announced the first step of a Senior Leadership Transition Plan to be realized over the next three years. The plan involves the retention of Matthew P. Wagner as President and Chief Executive Officer through December 31, 2023, after which it is anticipated that he will transition to the role of Executive Chairman of PacWest Bancorp.

Over the next three years, the Board of Directors, working in concert with Mr. Wagner and the Executive Team, will be working to ensure that there is a smooth transition of leadership to support employees, customers, shareholders and the communities the bank serves.

John Eggemeyer, Chairman of the Board, commented “Matt has built an incredible company from its humble beginnings as a $200 million asset San Diego bank into a $29 billion asset bank doing business nationwide. We believe that the executive team in place can build upon the success of the past 20 years. While we embark on this leadership transition, we remain committed to our core strategies of building relationships with our clients while serving banking needs of our customers and their communities.”