Randell Leach Named Interim CEO
Feb 05, 2020
Longtime bank President and COO Randell Leach becomes CEO as co-founder Kat Taylor focuses on role as board chair
Oakland, CA—Beneficial State Bank announced today that current President and COO Randell Leach has been named Interim CEO, as co-founder Kat Taylor transitions from CEO to focus on her role as chief visionary and chairwoman of the bank’s Board of Directors, as well as her husband's presidential campaign.
Leach has been with Beneficial State since 2002 and has overseen day-to-day bank operations as president and COO since 2018. In his new role, he will oversee the mission-driven bank’s strategy and operations.
“I’m honored to be entrusted to fulfill Kat’s vision for this bank,” Leach said. “Our goal remains to build a values-driven bank and change the country’s banking system for the better by pursuing economic justice and environmental sustainability and getting loan capital into the hands of people where it's needed most.”
Taylor co-founded the bank with her husband Tom Steyer and has served as Co-Chair of the Board since its founding. She stepped into the CEO role in 2012 to help realize the bank’s mission.
“Under Randell’s leadership as president and COO the bank has thrived. It’s healthy, profitable and well-capitalized, and we continue to improve our triple-bottom line performance,” Taylor said. “I don’t feel like I’m passing Randell the baton; he’s already been running with it. I look forward to continue chairing the Board of Directors, supporting Randell and the rest of our dedicated staff to ensure Beneficial State remains a shining example of triple bottom-line banking.”
As a federally certified Community Development Financial Institution and certified B Corporation, Beneficial State provides under-resourced communities fair and transparent banking services. Beneficial State has proven its commitment to financing environmental justice and climate mitigation measures and helping disenfranchised segments of the population gain access to financial resources.
In her active role as board chair, Taylor will continue her involvement in public affairs, community relations, public policy, and advocacy efforts for beneficial banking.
Beneficial State’s Board of Directors will consider making Leach’s position permanent by 2021. This succession plan has long been in the works and there will be no search for a replacement CEO in the interim.
Beneficial State Bank (Beneficial State) is a state-chartered, federally insured bank with branches in California, Oregon, and Washington. Beneficial State serves the triple bottom line of people, planet, and prosperity for all, which involves serving its communities, supporting positive environmental outcomes, and achieving long-term financial sustainability. A unique ownership structure supports these strategic priorities: the bank’s capital is majority-owned by the nonprofit Beneficial State Foundation. This means its economic rights are fully aligned with, and permanently governed in, the public interest.
Beneficial State Bank is a founding signatory of the UN’s Principles for Responsible Banking, a member of the Global Alliance for Banking on Values, a Community Development Financial Institution (CDFI), Fossil Free Certified, and one of the world’s top-rated Certified B Corporations, awarded B Corp "Best for the World" status every year since 2013.
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