Mr McGrath will continue as CEO of the bank’s holding company BancWest, which is also the parent of First Hawaiian Bank. McGrath will also serve as chairman of the boards of both BancWest and Bank of the West.
McGrath has been chief executive of Bank of the West since 1995, and chairman of the board since 2005. He joined the bank in 1975, served as treasurer and CFO, was made a director and became COO, then was promoted to President in 1991.
Michael Shepherd, 52, will become CEO of Bank of the West, effective from January 1, 2007. Shepherd will continue to be president of the bank, a position in which he oversees the operating lines of business, and to serve as vice chairman of BancWest Corporation.
Outgoing BancWest chairman Walter Dods, who retired in 2005 from his role as CEO of BancWest Corporation, will continue to serve as a director of BancWest and as chairman of First Hawaiian Bank.
Mr McGrath said: BancWest Corporation, Bank of the West and First Hawaiian Bank are all financially strong and performing very well despite the current turbulent environment. Bank of the West is well positioned in its markets for competitive excellence in the future. I have the greatest confidence in Michael Shepherd’s ability to lead Bank of the West to further success.
