Vancouver-based Riverview Bancorp announced a series of promotions in its senior management ranks Wednesday following the dismissal of its CEO earlier this month in what the company called a human resources issue.
Daniel Cox, who was named acting president and CEO following the announced termination of president and chief executive Kevin Lycklama, has been promoted to chief operating officer of both Riverview Bank and Riverview Bancorp, a company announcement said.
Cox will also continue to serve as acting president and CEO and be responsible for the daily operations and management of the bank, according to the announcement. He had served as Riverview’s chief credit officer since 2014.
The new top leadership appointment was part of what the company announcement described as a “multi-step leadership succession planning process” that led to two other executive changes.
“We have built a deep bench of experienced professionals over the years and continue to invest in our people to ensure the long-term success of the company,” board chairman Gerald L. Nies said in a statement released by the bank. “I am confident the bankers who are leading our organization are some of the best in the business and are adding value to our organization.”
Robert Benke was promoted to executive vice president and chief credit officer overseeing commercial credit and collection policies procedures and processes of the bank, the announcement said. He most recently served as senior credit administrator, a position he had held since March 2016.
The announcement said Michael Sventek has been hired to serve as Riverview’s executive vice president and chief lending officer. Sventek, who most recently served as commercial banking market director for Umpqua Bank, replaces Steven Plambeck, who will retire Sept. 1.
Riverview Bancorp, the parent company of Riverview Bank, disclosed in an Aug. 4 federal regulatory filing that Lycklama had been placed on paid administrative leave pending an internal investigation and announced Aug. 9 that it had terminated Lycklama.
The company has stressed that Lycklama’s leave and termination did not involve the company’s financial condition. A company spokesperson previously said the action was a human resources issue and declined to comment further.
Lycklama, 46, had served as CEO since 2018 after more than 15 years with the bank. His total compensation as CEO was $922,466 for the year ending March 1, 2023. That amount includes $57,208 he received as a member of the board, according to a proxy statement filed in July with the Securities and Exchange Commission.
Stock for Riverview Bancorp, which trades on the Nasdaq as RVSB, closed unchanged at $5.86 per share Wednesday.