Northrim BanCorp promotes Huston to President/CEO; Schierhorn resigns as CEO but remains Chairman

NORTHRIM BANCORP INC

Joseph Schierhorn resigns as President, CEO, COO of Northrim BanCorp and CEO of Northrim Bank effective April 6, 2024; remains Chairman.
Michael Huston promoted to President, CEO, COO of BanCorp and President/CEO of Bank, effective April 6, 2024.
Huston receives annual base salary of $535,000 with increases to profit share, equity comp, and SERP contributions.
Schierhorn's base salary reduced to $200,000; no longer eligible for profit sharing, equity comp, or SERP.

item 5.02 item 9.01

Executive movements

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Appointed

Michael G. Huston

President, Chief Executive Officer and Chief Operating Officer of the Company and President and Chief Executive Officer of the Bank

NRIM · NORTHRIM BANCORP INC

Effective: 2024-04-06
Filed: March 29, 2024, 7:59 PM ET

In connection with Mr. Schierhorn's resignation, Michael G. Huston, age 56, will be appointed to the position of President, Chief Executive Officer and Chief Operating Officer of the Company and President and Chief Executive Officer of the Bank, effective April 6, 2024.

Role change

Joseph M. Schierhorn

President, Chief Executive Officer and Chief Operating Officer of the Company and Chief Executive Officer of the Bank

NRIM · NORTHRIM BANCORP INC

Effective: 2024-04-06
Successor: Michael G. Huston
Filed: March 29, 2024, 7:59 PM ET

On March 29, 2024, Northrim BanCorp, Inc. (the “Company”) and Northrim Bank (the “Bank”) announced by press release that Mr. Joseph M. Schierhorn intends to resign from his position as President, Chief Executive Officer and Chief Operating Officer of the Company and Chief Executive Officer of the Bank, effective April 6, 2024.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Michael G. Huston was appointed as President, Chief Executive Officer and Chief Operating Officer of the Company and President and Chief Executive Officer of the Bank at NORTHRIM BANCORP INC.

Action: appointed
Role: President, Chief Executive Officer and Chief Operating Officer of the Company and President and Chief Executive Officer of the Bank

Exact text from the filing

In connection with Mr. Schierhorn's resignation, Michael G. Huston, age 56, will be appointed to the position of President, Chief Executive Officer and Chief Operating Officer of the Company and President and Chief Executive Officer of the Bank, effective April 6, 2024.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Joseph M. Schierhorn resigned as President, Chief Executive Officer and Chief Operating Officer of the Company and Chief Executive Officer of the Bank at NORTHRIM BANCORP INC.

Action: resigned
Role: President, Chief Executive Officer and Chief Operating Officer of the Company and Chief Executive Officer of the Bank

Exact text from the filing

On March 29, 2024, Northrim BanCorp, Inc. (the “Company”) and Northrim Bank (the “Bank”) announced by press release that Mr. Joseph M. Schierhorn intends to resign from his position as President, Chief Executive Officer and Chief Operating Officer of the Company and Chief Executive Officer of the Bank, effective April 6, 2024.

View on SEC.gov

NORTHRIM BANCORP INC filing history →

Source: SEC EDGAR

accession 0001163370-24-000012

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