PacWest Bancorp and Pacific Western Bank took the first step in its senior leadership transition plan, which will be realized over the next three years. The plan involves the retention of Matthew P. Wagner as president and CEO through Dec. 31, 2023, after which he will transition to the role of executive chairman of PacWest Bancorp.

Over the next three years, the board of directors, working with Wagner and the executive team, will be working on the transition of leadership to support employees, customers, shareholders and the communities the bank serves.

“Matt has built an incredible company from its humble beginnings as a $200 million asset San Diego bank into a $29 billion asset bank doing business nationwide,” John Eggemeyer, chairman of the board for PacWest Bancorp, said. “We believe that the executive team in place can build upon the success of the past 20 years. While we embark on this leadership transition, we remain committed to our core strategies of building relationships with our clients while serving banking needs of our customers and their communities.”