Banc of California CFO Resigns After Less Than Year on Jobby and
James McKinney stepping down by November, moving to Chicago
Shares have fallen in wake of stadium naming-rights deal
Banc of California Inc., the lender that agreed to pay $100 million for naming rights to a Los Angeles soccer stadium, said Chief Financial Officer James McKinney is stepping down for personal reasons after less than a year on the job. The stock fell the most in more than a month.
McKinney’s resignation will be effective on or before Nov. 18, the Irvine, California-based lender said Tuesday in a regulatory filing. He was hired by Kemper Corp. to be its CFO, the Chicago-based insurer said in a statement.
McKinney, who was named Banc of California’s CFO in November 2015, is relocating to Chicago and will stay on through March as an unpaid consultant. He succeeded Ronald J. Nicolas, who started in the job in 2012. Nathan Duda, the lender’s chief accounting officer, stepped down in July 2015.
Banc of California fell 3 percent to close at $19.89, the most since Aug. 17. The stock has tumbled 11 percent since Aug. 23, when Bloomberg reported the 15-year naming-rights deal for Los Angeles’s new soccer stadium, paring this year’s advance to 36 percent.
J. Francisco A. Turner, 41, currently the lender’s chief strategy officer, was appointed co-principal financial officer and will work alongside McKinney for the next 60 days, according to a separate statement.
Kemper said McKinney will succeed Frank J. Sodaro, who will stay on at the insurer as an adviser through year-end.