Codorus Valley Bancorp in York, Pa., which has been facing pressure from an activist investor, has shaken up a number of board positions and adopted a majority voting standard.
The $2.3 billion-asset parent of PeoplesBank said in a press release Monday that Keith Cenekofsky would join its board, succeeding Larry Miller on Jan. 1. Cenekofsky, an accountant who is on PeoplesBank’s board, will join the audit committee.
Miller, the company’s chairman, was succeeded as president and CEO by Craig Kauffman on Oct. 1.
The company also said that Cynthia Dotzel will become its new chairman and J. Rodney Messick is its vice chairman.
Codorus’ board also amended the company’s bylaws to adopt a majority vote standard for uncontested director elections, among other things. The company said its board “will continue to maintain an open dialogue with shareholders.”
The company has been facing calls from Driver Management in New York to find a buyer. Driver, which reported a roughly 6.3% stake in Codorus this summer, had offered to enter into a confidentiality agreement and standstill agreement with Codorus, as long as it was allowed to nominate board candidates for the company’s 2022 annual meeting.