New Top Management at Security Pacific With AM-Earns-Banks
LOS ANGELES (AP) _ Security Pacific Corp. said Tuesday that Chairman Richard J. Flamson III has been replaced as chief executive by Robert H. Smith, his expected successor.
Flamson, 60, said he would continue to serve as chairman of the board of the nation’s fourth-largest banking company. Smith, 54, former president and chief executive of Security Pacific Bank, becomes president and CEO of the parent company and chairman of the bank.
Commenting on his decision to step down as chief executive before reaching the company’s retirement age of 65, Flamson said the change had been contemplated for some time.
″We all believe Bob Smith and his team are well-equipped to provide the leadership needed for Security Pacific as we move into the new decade,″ he said.
In Flamson’s 11 years as chief executive, Security Pacific grew from assets of $21.6 billion and stockholders’ equity of $920 million to assets of $84 billion and stockholders’ equity of $4.6 billion.
During that time, the company developed into a complicated and profitable financial services company, including recent alliances with Japan’s giant Mitsui Bank. Security Pacific became a leader in investment banking, and additional alliances with companies, particularly Asian ones, are expected.
Smith, who joined Security Pacific as a trainee 28 years ago, has spent most of his time in Security Pacific’s huge retail system.