First Niagara Financial Group’s search for a new chief executive ended Thursday right where it began nine months ago.
The Buffalo-based banking company named Gary M. Crosby as its president and chief executive officer, removing the interim tag from a post that he had held since March, when First Niagara dumped John R. Koelmel as its top executive.
The appointment of Crosby, 60, came after a national search by consultant Korn/Ferry International, but in the end, the bank’s board of directors decided to go with an executive who already had served a nine-month trial in the top job and who has held high-ranking positions at First Niagara for the past four years.
“Gary’s wide range of experience, his relationships inside and outside the company, and his demonstrated ability to deliver solid operating results make him the best person for the position,” said G. Thomas Bowers, First Niagara’s chairman.
“Following a comprehensive search for an executive with strong organizational and operational experience, who can extract value from the outstanding franchise we’ve assembled, we concluded Gary has the right combination of these attributes,” Bowers said in a statement.
Crosby, who also was named to the bank’s board of directors, will be paid a base salary of $975,000 a year, with the opportunity to earn nearly $3.5 million in bonuses and long-term incentive if the company meets certain performance targets, according to a filing First Niagara made with the Securities and Exchange Commission.
Under Crosby, First Niagara has taken a step back from the acquisition-driven strategy that led to its rapid growth under Koelmel’s leadership but left the bank with a stock that lagged the market. Instead, Crosby’s focus has been centered more on improving the bank’s daily operations and making it more profitable and efficient.
“The First Niagara team has made significant progress delivering on its commitments by remaining focused on the basics of banking and by continuing to enhance our ability to help our customers,” Crosby said. “I am confident that we can improve our business model and deliver a truly differentiated customer experience.”
Crosby joined First Niagara in 2009, serving as its executive vice president and chief administrative and operating officer – roles that focused on the bank’s operations and integrating its acquisitions – until his interim appointment to replace Koelmel in March.
Before joining First Niagara, Crosby was a founding shareholder and high-ranking executive at call center giant ClientLogic Corp. and was a partner at Seed Capital Partners, a venture capital firm.
email: drobinson@buffnews.com
The Buffalo-based banking company named Gary M. Crosby as its president and chief executive officer, removing the interim tag from a post that he had held since March, when First Niagara dumped John R. Koelmel as its top executive.
The appointment of Crosby, 60, came after a national search by consultant Korn/Ferry International, but in the end, the bank’s board of directors decided to go with an executive who already had served a nine-month trial in the top job and who has held high-ranking positions at First Niagara for the past four years.
“Gary’s wide range of experience, his relationships inside and outside the company, and his demonstrated ability to deliver solid operating results make him the best person for the position,” said G. Thomas Bowers, First Niagara’s chairman.
“Following a comprehensive search for an executive with strong organizational and operational experience, who can extract value from the outstanding franchise we’ve assembled, we concluded Gary has the right combination of these attributes,” Bowers said in a statement.
Crosby, who also was named to the bank’s board of directors, will be paid a base salary of $975,000 a year, with the opportunity to earn nearly $3.5 million in bonuses and long-term incentive if the company meets certain performance targets, according to a filing First Niagara made with the Securities and Exchange Commission.
Under Crosby, First Niagara has taken a step back from the acquisition-driven strategy that led to its rapid growth under Koelmel’s leadership but left the bank with a stock that lagged the market. Instead, Crosby’s focus has been centered more on improving the bank’s daily operations and making it more profitable and efficient.
“The First Niagara team has made significant progress delivering on its commitments by remaining focused on the basics of banking and by continuing to enhance our ability to help our customers,” Crosby said. “I am confident that we can improve our business model and deliver a truly differentiated customer experience.”
Crosby joined First Niagara in 2009, serving as its executive vice president and chief administrative and operating officer – roles that focused on the bank’s operations and integrating its acquisitions – until his interim appointment to replace Koelmel in March.
Before joining First Niagara, Crosby was a founding shareholder and high-ranking executive at call center giant ClientLogic Corp. and was a partner at Seed Capital Partners, a venture capital firm.
email: drobinson@buffnews.com