Heritage Financial CEO Succession Plan Announced

Heritage Financial Corporation (Nasdaq GS: HFWA) has announced a CEO succession plan with Bryan D. McDonald set to succeed Jeffrey J. Deuel as President and CEO of Heritage Bank and President of Heritage Financial Corporation, effective July 1, 2024. Mr. Deuel will remain CEO of Heritage Financial Corporation until May 6, 2025, after which he will take on an advisory role.

Under Mr. Deuel's leadership, the Olympia-based bank currently operates 50 branch offices throughout Washington, Oregon, and Idaho. Mr. Deuel has had a commercial banking career spanning 42 years and will work closely with Mr. McDonald during the transition period to ensure a smooth handover.

Mr. McDonald, who has held the titles of President and Chief Operating Officer of Heritage Bank since 2018, looks forward to continuing the partnership with Mr. Deuel and the entire leadership team. He also currently serves as a director on the Washington Bankers Association Board and as a member of the American Bankers Association Government Relations Council.

This transition is aimed at ensuring a seamless change in leadership without notable day-to-day changes in the bank's direction, as stated by Mr. Deuel. The Board Chair, Brian Vance, expressed confidence in Mr. McDonald and the leadership team to continue serving clients across the Pacific Northwest and driving growth and shareholder value.

Heritage Financial Corporation is the parent company of Heritage Bank, a full-service commercial bank with a branch network of 50 banking offices in Washington, Oregon, and Idaho. The company's stock is traded on the NASDAQ Global Select Market under the symbol "HFWA". Following these announcements, the company's shares moved -0.7%, and are now trading at a price of $17.9. If you want to know more, read the company's complete 8-K report here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.