STUART, Fla., January 4, 2021 –Seacoast Banking Corporation of Florida (NASDAQ: SBCF), one of the largest community banks based in Florida, today announced that it has implemented the succession plan previously disclosed in June 2020. Charles “Chuck” Shaffer, the Company’s former president and chief operating officer (COO), has been promoted to chief executive officer (CEO) and elected to the Company’s board of directors. Former chairman and CEO Dennis “Denny” Hudson III has assumed the position of executive chairman of the board of directors.
“This transition marks the completion of a careful and methodical plan that has been in the works for some time,” Hudson said. “During the past several years, Chuck has demonstrated through his excellent execution of our balanced growth strategy that he is the right person to lead Seacoast. He has been instrumental in positioning Seacoast for what we believe will be a vibrant future.”
Shaffer served as president and COO since June 2020 and as COO and chief financial officer (CFO) since May 2019. Previously, he served as executive vice president and CFO since January 2017. Before that, Shaffer led the Company’s community banking group from October 2013 to January 2017, and as senior vice president and controller from December 2005 through September 2013.
As a key driver of the Company’s growth strategy, Shaffer has been instrumental in influencing Seacoast’s retail, commercial banking, wealth, digital, and non-branch distribution strategies, as well as designing and working across the organization at all levels to deliver peer-leading earnings performance.
“I am honored to be entrusted to serve as CEO,” Shaffer said. “I have had the extraordinary opportunity to work with Denny, our management team, and our board of directors on a thoughtful strategy to create value for our shareholders and customers by focusing on relationship banking, appropriate risk and credit posture, and innovation. I’ve also been fortunate to witness the tremendous positive impact the Company has in the communities it serves, and I look forward to continuing this effort in the years ahead.”
Shaffer, a native of Florida, holds a bachelor of science degree in finance from Florida State University, a bachelor of arts degree in accounting from Florida Atlantic University, and a master of business administration with a finance specialization from the University of Central Florida, and he is a graduate of the advanced management program at the University of Pennsylvania Wharton School of Business. He is a certified public accountant (CPA) licensed in Florida.
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