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.