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BETHESDA, MD— Eagle Bancorp (NASDAQ:EGBN) Inc. (market cap: $790 million), a Maryland-based commercial bank whose shares have surged 36% over the past six months, announced today significant changes to its executive leadership team. Norm Pozez, the Executive Chair of the company, has decided not to seek re-election at the end of his term, which coincides with Eagle Bancorp’s 2025 Annual Meeting of Shareholders.
According to the company’s latest SEC filing, the Board’s Compensation Committee has resolved that Pozez’s previously awarded stock units will continue to vest as per the original schedule. Specifically, the 32,646 performance-based restricted stock units (PSUs) and 21,764 time-based restricted stock granted to Pozez on February 12, 2024, will remain on track for vesting and earning, contingent on actual performance, even after his tenure as director ends. According to InvestingPro analysis, the stock currently appears undervalued, with analysts maintaining a hold recommendation and a target range of $25.50-$30.00.
The company clarified that Pozez’s decision not to stand for re-election did not stem from any disagreements regarding Eagle Bancorp’s operations, policies, or practices.
With Pozez’s forthcoming departure, Susan Riel, the current President and Chief Executive Officer, has taken on the additional role of Chair of the Board of Directors. Furthermore, the company has promoted Eric Newell and Ryan Riel, both Executive Vice Presidents, to the rank of Senior Executive Vice President.
Eagle Bancorp anticipates making further announcements concerning the new duties of Mr. Newell and Mr. Riel, as well as the reporting structure that will follow these executive changes.
The information disclosed in this article is based on a statement from an SEC filing by Eagle Bancorp Inc.
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