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Cathay General Bancorp Announces Retirement of Pin Tai and Appointment of Chang M. Liu as CEO and President
LOS ANGELES, July 16, 2020 /PRNewswire/ -- Cathay General Bancorp (the "Company", Nasdaq: CATY), the holding company for Cathay Bank (the "Bank"), announced
About this update from Cathay General Bancorp
[{"type":"text","content":"LOS ANGELES, July 16, 2020 /PRNewswire/ -- Cathay General Bancorp (the \"Company\", Nasdaq: CATY), the holding company for Cathay Bank (the \"Bank\"), announced that Pin Tai, in accordance with his previously disclosed employment agreement, will retire from his position as Chief Executive Officer (\"CEO\") of the Company and Cathay Bank and resign as a member of the Board of Directors of the Company and Cathay Bank, effective September 30, 2020. Mr. Tai will remain with Cathay Bank as an executive advisor through September 30, 2021, supporting the transition, in accordance with his previously disclosed consulting agreement.\n\n \n \n \n \n \n \n\n \nIn accordance with the Company's succession plan, the Boards of Directors of the Company and of Cathay Bank appointed Chang M. Liu as CEO and President of the Company and as CEO of Cathay Bank, effective October 1, 2020. Mr. Liu is currently the President and Chief Operating Officer of Cathay Bank and is a member of the Board of Directors of Cathay Bank. Mr. Liu also will continue serving as President and a director of Cathay Bank, and will be appointed a member of the Board of Directors of the Company, effective October 1, 2020. \n\"It has been an honor and a privilege to have served and led the Company,\" Mr. Tai said. \"At the time I joined the Bank in 1999, Cathay was about $1.8 billion in asset size with limited presence in the East Coast. As of June 30, 2020, we are more than $19 billion strong in assets, with 61 branches across nine states in the U.S., one branch in Hong Kong, as well as representative offices in Beijing, Shanghai, and Taipei. I am incredibly proud of the Company that we have built and believe Chang is the right person to lead us into the next chapter. I wish Chang all the best in his new role. I am confident that Cathay's legacy of unwavering commitment to deliver exceptional customer experience and stockholder value will continue under his leadership.\"\n\"I am humbled by this opportunity and excited to serve and lead the Company going forward,\" said Mr. Liu. \"I have a deep respect for the work my predecessors have done in positioning the Company for future growth. I look forward to continuing to build on this strong foundation. I am committed to working closely with the board, and our seasoned executive team to continue to innovate our services while unlo...