Alan Thian has resigned as president and CEO of RBB Bancorp after an internal investigation conducted by a special committee of the Los Angeles company’s board.
The $4.2 billion-asset company announced Thian’s departure on Monday. He had been on paid leave since Feb. 22, when RBB first disclosed the investigation.
David Morris, RBB’s chief financial officer, has been serving as interim president and CEO.
The investigation, handled by an outside law firm, identified violations of company policies and procedures, including those tied to personnel decisions and the “resulting adverse effects on officer and employee morale.”
The board and management indicated that the violations did not have an adverse financial impact on the company.
“Our highly skilled workforce and experienced management team are confident that RBB … will continue to deliver on their reputation for meeting and exceeding our customers’ high standards,” James Kao, the company’s chairman, said in the release.
“This team has delivered growth while continuing to invest in people, product development and production capabilities, and the company is well positioned to further deliver value to its stakeholders,” Kao added.