Heritage Financial announces CEO succession: Bryan McDonald to lead bank; Jeff Deuel stays CEO until May 2025

HERITAGE FINANCIAL CORP /WA/

Bryan McDonald named President and CEO of Heritage Bank effective July 1, 2024; continues as President of Heritage Financial.
Jeffrey Deuel remains CEO of Heritage Financial until May 6, 2025, then transitions to advisory role through March 31, 2027.
McDonald's new employment agreement: base salary $535,000, target bonus 45%, equity target 50% of salary.
Deuel's transition agreement: base salary $711,113 until May 2025, then part-time $20k/mo for 12 months, then $10k/mo.
Succession designed for smooth transition; Deuel has 42-year career, McDonald has 30+ years.

item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Role change

Jeffrey J. Deuel

CEO of Heritage

HFWA · HERITAGE FINANCIAL CORP /WA/

Effective: 2025-05-06
Successor: Bryan D. McDonald
Filed: July 1, 2024, 7:59 PM ET

Jeffrey J. Deuel, who has served as CEO of Heritage Bank since 2018 and CEO of Heritage since 2019, will remain CEO of Heritage until May 2025, at which time he will be become a non-officer employee of Heritage.

Appointed

Bryan D. McDonald

President of Heritage and CEO of Heritage Bank

HFWA · HERITAGE FINANCIAL CORP /WA/

Effective: 2024-07-01
Filed: July 1, 2024, 7:59 PM ET

Bryan D. McDonald, age 52, who has held the position of Chief Operating Officer of Heritage Bank since 2018, will succeed Mr. Deuel as President of Heritage and CEO of Heritage Bank effective immediately.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Jeffrey J. Deuel changed role as CEO of Heritage at HERITAGE FINANCIAL CORP /WA/.

Action: will transition to non-officer employee
Role: CEO of Heritage

Exact text from the filing

Jeffrey J. Deuel, who has served as CEO of Heritage Bank since 2018 and CEO of Heritage since 2019, will remain CEO of Heritage until May 2025, at which time he will be become a non-officer employee of Heritage.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Bryan D. McDonald was appointed as President of Heritage and CEO of Heritage Bank at HERITAGE FINANCIAL CORP /WA/.

Action: appointed
Role: President of Heritage and CEO of Heritage Bank

Exact text from the filing

Bryan D. McDonald, age 52, who has held the position of Chief Operating Officer of Heritage Bank since 2018, will succeed Mr. Deuel as President of Heritage and CEO of Heritage Bank effective immediately.

View on SEC.gov

HERITAGE FINANCIAL CORP /WA/ filing history →

Source: SEC EDGAR

accession 0001046025-24-000152

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