Banking group Capital Corp of the West has formed a regulatory oversight committee composed of three outside directors to oversee all of the company's operations.
The committee includes Michael Graves, audit committee chair and Jerry Callister, chairman of the board. The regulatory committee will be chaired by the company’s director Donald Briggs Jr. The company’s CEO Thomas Hawker and the bank’s executive committee will report directly to the newly formed oversight committee.
The company’s board is in the process of searching for a new CEO to succeed Mr Hawker. Mr Hawker, whose contract will expire at the end of 2008, has announced his retirement to be effective upon the hiring of the new CEO.