Signature Bank Appoints Eric Howell As New CEO In Leadership Transition Plans

Key Points:

• As of March 1, Chief Operating Officer Eric Howell will succeed Joe DePaolo as president of the cryptocurrency-friendly Signature Bank.
• The bank stated that Howell would also be appointed as CEO after DePaolo’s transfer into an advisory position. DePaolo continues to serve as CEO and board member till then.

In a reorganization of Signature Bank’s management, co-founder Joseph DePaolo will stand down as CEO and president after serving in those roles for more than 20 years.

As of March 1, Chief Operating Officer Eric Howell will succeed outgoing President Joe DePaolo in that position.

Howell will be appointed CEO when DePaolo completes his move to an advisory position, the bank said. DePaolo continues to serve as CEO and board member at this time. The duration of the transitional phase is not yet known.

“This succession plan is an integral part of a long-standing commitment by the board of directors to ensure Signature Bank’s distinctive business model continues to thrive and differentiate without interruption,” said the company.

DePaolo co-founded Signature Bank in 2001 with his coworkers, Vice Chairman John Tamberlane and Chairman of the Board Scott Shay. Since then, DePaolo has served as president and chief executive officer.

“I have thoughtfully planned my transition and continued involvement with the Bank. To this end, I have spent more time with Eric throughout the past 20+ years than any other person in my circle. Since the transition has been years in the making, I am confident it will go smoothly as the future of the Bank is in Eric’s good hands,” DePaolo said.

Howell began working for the commercial bank as a controller in 2013 and has since been given more responsibility.

In response to the market decline that began last year and reached a peak with the collapse of cryptocurrency exchange FTX in November, Signature has been making efforts under DePaolo’s direction to lessen its exposure to digital assets.

In December, Signature Bank said that it would enact caps to bring the proportion of customer deposits from the digital asset sector to under 20% of all bank deposits.

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Harold

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