Royal Bancshares of Pennsylvania, Inc. (RBPAA: Quote) said Robert Tabas, chairman and chief executive officer, plans to retire by the end of 2012. Tabas will remain chairman of the board of directors.
The company's board of directors has formed a search committee to select an executive search firm and interview candidates for the combined role of president and chief executive officer.
Murray Stempel, vice chairman and chief lending officer, will also retire from active management of the company and as vice chairman by the end of the year but will remain on the company's board of directors. Further, James McSwiggan has advised the board of his decision to retire as president and chief operating officer and to step down from the board on or before December 31, 2012.
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by RTT Staff Writer
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