After just 16 months on the job, the CFO of Pacific Capital Bancorp has resigned for lifestyle reasons.
Joyce M. Clinton has commuted weekly between her home in Arizona and the company’s headquarters in Santa Barbara, Calif. since she joined the company in March 2006, according to a press release. She made the decision to return to Arizona on a full-time basis in order to work more closely to her family.
Like other women in finance, Milton apparently felt that balancing work and life can mean shortchanging one or the other. “This has been a very difficult decision,” said Clinton. “The past year and a half has provided challenge and opportunity, and I am very proud of what we have achieved during my time at Pacific Capital. I now find, however, that it’s important for me to be full-time in Arizona with my family at this stage in our lives.”
Pacific Capital, which has $7.4 billion in assets, said it entered into a retention agreement with Clinton that calls for her to remain on the job through the completion and filing of the second quarter 2007 report. Her employment with the company will continue through August 9.
The company will pick a national executive search firm to help find a new CFO, according to president and chief executive officer George S. Leis. “In her 16 months with our company, Joyce has had a very positive impact in many areas,” said Leis. “Her reorganization of our finance team has provided PCB with first-class support in this key function.”