HomeStreet Announces Conclusion of Director Search Process and Planned Addition of Sandra Cavanaugh to Board of Directors
May 16 2018 - 2:01PM
Business Wire
Ms. Cavanaugh will bring extensive investment
management and further banking sector operational experience to the
Board
Expected to be appointed at the next regular
Board meeting on May 24, 2018
HomeStreet, Inc. (NASDAQ:HMST) (the “Company” or “HomeStreet”),
the parent company of HomeStreet Bank (the “Bank”), today announced
that the Human Resources and Corporate Governance Committee (“HRCG
Committee”) of the Board of Directors (“the Board”) has completed
its previously announced search for an additional director and has
identified Sandra Cavanaugh for appointment to the Board. Ms.
Cavanaugh is expected to be appointed as a director of both the
Company and the Bank at the next regularly scheduled joint Board
meeting on May 24, 2018.
Ms. Cavanaugh formerly served as CEO and President of U.S.
Private Client Services at Russell Investments (“Russell”). At
Russell, Ms. Cavanaugh was responsible for all advisor sold
business within the U.S. and oversaw the firm’s $45 billion mutual
fund business. Prior to her time there, she served as an Executive
Vice President at SunTrust Bank and held senior executive positions
with Washington Mutual, including as president of two of their
subsidiaries, WM Financial Services and WM Funds Distributor and
Shareholder Services, in addition to numerous other banking and
mutual fund management roles over the course of her career. Ms.
Cavanaugh currently provides financial consulting services after
retiring from Russell.
“We are excited to be adding Sandra to our board, and are
confident that she will bring valuable insight and experience from
her time as a senior executive in the asset management/mutual fund
industry, as well as from her decades of leadership and operational
experience in the banking sector,” said Scott M. Boggs, Lead
Independent Director of HomeStreet. “We are committed to ensuring
that our Board has the optimal level of diversity, mix of skill
sets and leadership experience as we seek to continue evolving our
business to deliver value for all shareholders. The addition of Ms.
Cavanaugh should further our ability to achieve these goals.”
As previously announced in January 2018, the HRCG Committee has
conducted a thorough search for a candidate who meets the stated
diversity goals set out in the Company’s Principles of Corporate
Governance, republished in October of 2017. Ms. Cavanaugh was
identified by an external executive recruitment firm during this
process.
“I look forward to joining the Board of HomeStreet and being
able to provide additional investor perspective to help inform the
strategic planning and decision making at the Company,” said Sandra
Cavanaugh. “HomeStreet is a company that is undergoing a unique
transformation, and I believe that my experience aligns well with
the course the Company is charting – particularly as it further
expands its business mix.”
About HomeStreet, Inc.
HomeStreet, Inc. (Nasdaq:HMST) is a diversified financial
services Company headquartered in Seattle, Washington, serving
consumers and businesses in the Western United States and Hawaii
through its various operating subsidiaries. The Company operates
two primary business segments: Mortgage Banking, which originates
and purchases single family residential mortgage loans, primarily
for sale into secondary markets; and Commercial & Consumer
Banking, including commercial real estate, commercial lending,
residential construction lending, retail banking, private banking,
investment, and insurance services. Its principal subsidiaries are
HomeStreet Bank and HomeStreet Capital Corporation. Certain
information about our business can be found on our investor
relations web site, located at http://ir.homestreet.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20180516006333/en/
HomeStreet, Inc.Investor Relations:Gerhard
Erdelji, 206-515-4039gerhard.erdelji@homestreet.comorOkapi Partners
LLCBruce H. Goldfarb/Pat McHugh, 877-566-1922info@okapipartners.comorMedia
Relations:Sloane & CompanyDan Zacchei/Joe Germani,
212-486-9500Dzacchei@sloanepr.com /
Jgermani@sloanepr.com
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