Robert Sarver is retiring as chairman of Western Alliance Bancorp. in Phoenix.
The $50 billion-asset company said in a press release that Steve Hilton will also retire as a director at the conclusion of its annual meeting in June.
Sarver, who was Western Alliance’s CEO from 2002 to March 2018, has been a director since 2002. Hilton also joined the board in 2002.
“I want to offer my sincere appreciation to our employees, whose hard work and dedication have allowed us to achieve so much during my 20 years at the company,” Sarver said in the release.
“With the company well positioned for continued success and growth, the time is right for me to begin a new chapter,” Sarver added.
Sarver is also the managing partner of the Phoenix Suns NBA basketball team.
Timothy Coffey, an analyst at Janney Montgomery Scott, noted in a research report that Western Alliance’s board launched an investigation in January “to evaluate Sarver’s continued leadership role” after allegations of misconduct tied to his roles with the Suns and the WNBA’s Phoenix Mercury.
Western Alliance said Bruce Beach will succeed Sarver as its chairman. He has been the board’s lead independent director since 2010.
Patricia Arvielo, co-founder and president of New American Funding, has been nominated to fill a board vacancy.
Western Alliance also said that its board had extended the contract for President and CEO Kenneth Vecchione through at least 2024.