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BBCN Bancorp Announces Management And Board Appointments

BBCN Bancorp, Inc. (NASDAQ: BBCN) (the “Company”), the holding company of BBCN Bank (the “Bank”), today announced the following management and board appointments:

  • Kevin S. Kim, 55, Chairman of the Company and Bank Boards of Directors, has been appointed to the additional positions of President and Chief Executive Officer of BBCN Bancorp, effective immediately;
  • Scott Yoon-Suk Whang, 67, has been named Lead Independent Director of BBCN Bancorp, effective immediately, in addition to his current title as Vice Chairman of the Company and Bank Boards; and
  • Deputy Chief Financial Officer Douglas J. Goddard, 60, will succeed Philip E. Guldeman, 68, as Chief Financial Officer of the Company and the Bank, effective March 31, 2013.

As President and Chief Executive Officer of BBCN Bancorp, Mr. Kim assumes responsibility for leading the Company’s efforts related to strategic planning, mergers and acquisitions, business line and revenue diversification, capital management strategy and oversight of the Bank. The Board is in the process of finalizing its selection of the Bank-level President and Chief Executive Officer, who will be responsible for the continued successful operations of the day-to-day business of the Bank, risk management, organic growth, integration of acquired entities, and recruitment and development of talent.

“I am excited at the opportunity to lead BBCN into its next phase of growth,” said Mr. Kim. “The separation of the holding company and bank-level CEO responsibilities is designed to enable management to focus on their respective areas of strength, lower the Company’s risk profile and improve its revenue stream. The Board believes this new structure better positions BBCN for continued growth and evolution into a larger and more diversified financial services company, and will ultimately lead to an enhanced offering for our customers and greater returns for our shareholders.”

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