Bank of Marin Bancorp in Novato, Calif., will soon have a new chairman.
The $4.3 billion-asset company said in a press release Thursday that Willie McDevitt will become the chairman on May 10. He has been a director since 2007 and vice chairman since 2015.
McDevitt is a consultant to McDevitt Construction Partners, a company he founded in 1976. He is also president of Sausalito Hotel Corp., which owns and operates The Inn Above Tide.
McDevitt will succeed Brian Sobel, who has served as chairman since 2015. Sobel will remain on the board.
“It has been an honor and a privilege to have served as chairman,” Sobel said in the release. “I have worked closely with Willie for many years and have the utmost confidence in his ability to lead the board as the bank continues on its trajectory of growth and success.”
The announcement comes on the heels of the company’s disclosure that it renewed a cooperation agreement with a shareholder group.
The agreement with the Kelly Trust parties allowed Sanjiv Sanghvi, the investor’s representative, to remain on Bank of Marin’s board. The investors agreed to continue to vote in favor of the board’s proposed nominees and “refrain from taking certain actions,” among other things.