Randy Greene’s marriage with Blue Ridge Bank didn’t last long.
The CEO of Richmond-based Virginia Commonwealth Bank, which was merged into Blue Ridge on Jan. 31, turned in his resignation letter Feb. 9, barely a week after the deal was consummated.
As part of the merger Greene was tapped to serve as president and COO of Blue Ridge parent company Blue Ridge Bankshares, as well as president and CEO of the bank itself. He’ll step down from those roles as well give up his seat on the board.
The company’s top boss post-merger remains Brian Plum, who had been Blue Ridge CEO prior to the deal.
Blue Ridge, in a brief filing with the SEC, said Greene’s resignation will be effective 31 days after the notification date, which makes his last day March 12. The filing did not give any explanation for Greene’s departure.
Greene declined to comment on his resignation when reached briefly by phone Wednesday.
Plum could not be reached for comment by press time Wednesday evening.
The SEC filing states that Greene will continue to be compensated according to his recently signed employment agreement, which calls for a term running through 2024. That includes a minimum base salary of $492,000 annually, a $50,000 cash bonus, a $2 million life insurance benefit and a “welfare continuance benefit.”
He also has a non-compete clause lasting 24 months.
Greene remains a Blue Ridge shareholder, owning 52,000 shares of Blue Ridge stock, after his VCB shares converted over. Blue Ridge shares closed Wednesday at $19.95 per share, pegging the value of Greene’s stake at $1.03 million. He also holds the right to options for an additional 23,000 shares which became exercisable as of Jan. 31.
Greene took the lead at Virginia Commonwealth Bank via merger in 2018, when his Kilmarnock-based Bank of Lancaster joined forces with VCB, then based in Petersburg.