Western Alliance Bancorp, the Phoenix-based parent company of Bank of Nevada, is looking for a new chief operating officer.
Kenneth Vecchione will resign on April 5 to become CEO of another publicly traded financial services company, the bank holding company said Wednesday.
Western Alliance did not name Vecchione’s new employer, however, in a written statement, representatives said his new company is not a bank.
Western Alliance officials said they plan to search for Vecchione’s replacement.
Meanwhile, he will remain a director and continue to chair the board’s finance and investment committee.
Vecchione also will remain vice chairman of Bank of Nevada, which has assets of $3 billion and 12 offices in Las Vegas, Henderson, North Las Vegas and Mesquite.
“I appreciate the value (Vecchione) has contributed to the company over the past three years, and look forward to the benefit of his continuing advice and council ... as a director of the company and chairman of our finance and investment committee,” said Robert Sarver, Western’s chairman and CEO.
Vecchione has been COO of the $7.6 billion asset company since 2010.
Previously, he was CFO of private equity firm Apollo Global Management.
Shares of Western Alliance gained 18 cents, or 1.26 percent, to close at $14.44 on the New York Stock Exchange.
Contact reporter Chris Sieroty at csieroty@reviewjournal .com or 702-477-3893. Follow @sierotyfeatures on Twitter.