Sarver Retires as Executive Chair of Western Alliance Board, CEO Signs on for Three Years

Western Alliance Bancorporation today announced that Robert Sarver and Steve Hilton will be retiring from their respective roles as Executive Chairman and Director of the Board of Directors of the company and its principal subsidiary, Western Alliance Bank. Their Board terms will end at the company’s annual meeting of stockholders in June. Sarver has served as a director on the Board since 2002 and as Executive Chairman since March 2018, while Hilton has served as a director since 2002.

Also announced that its Board of Directors and Chief Executive Office have agreed to a contract extension that will keep Kenneth A. Vecchione as CEO and President of the company through at least 2024. Western Alliance also announced that Bruce Beach will be named Chairman of the company’s Board of the Directors at its June 2022 annual meeting of stockholders. Beach, an accounting industry leader and entrepreneur with nearly 50 years of business and financial management experience, has been the Board’s Lead Independent Director since 2010. Patricia Arvielo has also been nominated as a new director to the Board. Arvielo is the Co-Founder and President of New American Funding, one of the nation’s largest independent mortgage lenders. If elected, Arvielo is expected to serve on the Board’s Risk and Finance & Investment committees.

Western Alliance Bancorporation Chief Executive Officer and President Kenneth A. Vecchione said, “Robert’s vision and leadership made the remarkable success of Western Alliance possible. Robert was honest, transparent, and led the company with integrity throughout his time as a colleague and as a friend to many of us. In navigating some of the most challenging economic conditions of the last two decades, including the Great Recession, Robert’s stewardship allowed the company to support tens of thousands of customers and employees who rely on us every day. We will miss Robert’s keen insights and decades of experience and we are deeply thankful for his service. Steve’s contributions to our Board included, among other things, valuable real estate insight that helped grow our company in the region and across the United States. We wish him well as he pursues other ventures.”

“Western Alliance would not be in the position it is today without the contributions of Robert Sarver,” said Western Alliance Bancorporation Lead Independent Director Bruce Beach. “Robert’s leadership and relationship with customers, colleagues, regulators and shareholders has driven our success and the growth of our service to communities and clients across the country. There is no doubt in our minds that Robert will continue to contribute to the industry and the communities so important to him and his family. While we will miss Robert’s relentless focus on expansion, innovation, and the customer experience, which has been so important to our success, we remain extraordinarily confident in the company’s leadership team, management, and culture from top to bottom.”

Beach added that Hilton, one of the company’s longest tenured, most active directors, “helped see the company through challenging initial growth phases with keen insight into several industries crucial to Western Alliance’s successful expansion efforts.”

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