As it tries to stem the tide of quarterly and annual losses, Sun Bancorp has ousted President and CEO Thomas X. Geisel.
The bank said Geisel will be terminated from his executive position and resign from the Vineland, N.J.-based company’s board of directors on Dec. 2.
Sun (NASDAQ:SNBC) said it has retained executive search firm Spencer Stuart to help it find a new CEO. During the interim period, board Chairman Sidney R. Brown will serve as interim president and CEO.
Brown's family owns a majority stake of the bank’s shares while also owning and operating Vineland-based logistics company NFI Industries. Read more about this story on PBJ.com
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