Robert Sarver, owner of the majority of Phoenix Suns, will retire in June as CEO of Western Alliance Bancorporation, ending a two-decade tenure with a company worth nearly $ 56 billion.
The company's latest announcement comes shortly after Sarver's departure, which began in November 2021, when Sarver left in November 2021 in the sometimes hostile and poisonous workplace during his 17-year career. Most ownership. Saver denies the allegations in the ESPN story.
Sarver has been chairman of the Western Alliance Bancorporation since 2018 and has been a member of the board of directors since 2002, resigning in June.
"I am honored to serve as the Executive Chairman of Western Alliance Bancorporation," Sarver, who served as CEO of the company from 2002 to 2018, said in a statement. "I would like to sincerely thank my staff and thank you for the hard work and enthusiasm that I have achieved over the past 20 years at the company. It is a good time for me because the company is in a good position to continue to grow and develop. Start a new page.
Kenneth Vecchione, CEO and President of Western Alliance Bancorporation, said: "Robert's vision and leadership have contributed to the remarkable success of the Western Alliance.
According to the first report in the January issue of Trade Bank American Banker, Vecchione said independent directors on the company's board of directors had "hired Munger, Toller & Olsen, an independent outside law firm to evaluate Robert's, to conduct their own investigations, and the company continues to play a leading role," Vecchione said in a statement.
"The investigation is being directed and supervised by independent directors, and to be clear, none of the allegations made by the board or the NBA find out about the company," Vecchione added. "In addition, the Western Alliance will continue to assist the NBA in further investigations as requested."
In a January phone call, Ebrahim Poonawala, an analyst at Bank of America Securities, asked Vecchione about the timeline for the investigation.
"It's being handled by independent directors and their advisers," Vecchione said. "And there is no room for comment on the extent or duration of the investigation. We apologize."
The Western Alliance Bancorporation did not address the NBA's investigation, nor did it give a reason for Sarver's retirement.
A spokesman for the Western Alliance Bancorporation declined to comment on the reason or timing of the announcement.
The Suns declined to comment.
A statement from Western Alliance Bancorporation recently said that Steve Hilton, his board of directors, would step down in June.
Hilton is the owner of the Suns minority and, like Sarver, has been part of the Western Alliance Bancorporation since 2002.
The company's announcement about Sarver came last week, a day after a meeting of NBA administrators in New York City attended by Sarver.
Asked about the status of the NBA's investigation after the board meeting, NBA Commissioner Adam Silver told reporters that work was still underway.
"I mean, this kind of investigation takes a lot of time," Silver said. "If we want to gather all the information and make sure the rights of the accused are protected, we want the perfect side to make mistakes," he said. It's over the beginning, but it's hard to set a definite schedule right now. "
The NBA investigation was led by New York-based Wachtell Lipton Law Firm.
Top seed Suns, who finished the regular season with a franchise record and a NBA Best 64-18 mark, are set to play their post-season race in Phoenix this Sunday against the New Orleans Pelicans or LA Clippers.