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Western Alliance COO Resigns

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Phoenix-based Western Alliance Bancorporation (NYSE: WAL  ) lost a key executive Wednesday, when President and Chief Operating Officer Kenneth Vecchione announced that he will resign from the company effective April 5, to take a chief executive officer job at another company -- a company said to not be in the banking sector at all.

Curiously, even as he ceases work for the company, Vecchione says he will stay on as chairman of the Finance and Investment Committee on Western Alliance's Board of Directors. He will also retain his post as vice-chairman of Bank of Nevada.

It's not known at this time to which company Vecchione will be moving, and the company didn't disclose this information. We should know soon enough, however -- the company in question is said to be "publicly traded" and will have to make an announcement sooner or later. Stay tuned.


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Rich Smith
TMFDitty

As a defense writer for The Motley Fool, I focus on defense and aerospace stocks. My job? Every day of the week, I'm monitoring the news, figuring out the winners and losers, and tracking down the promising companies for you to invest in. Follow me on Twitter or Facebook for the most important developments in defense & aerospace, and other great stories.

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Related Tickers

9/2/2015 4:01 PM
WAL $30.08 Up +0.64 +2.17%
Western Alliance B… CAPS Rating: ***