Sarver to step down from top roles at bank amid NBA probe
Robert Sarver, the majority owner of the Phoenix Suns and Phoenix Mercury franchises, will retire as executive chairman of Western Alliance Bancorp., and step down from its board of directors, according to a statement from the company.
The board term will end in June at the company’s annual shareholders’ meeting. Sarver has served as a director on the Board since 2002 and as executive chairman since March 2018. The company, based in downtown Phoenix, operates Western Alliance Bank
The announcement comes amid an ongoing investigation by the NBA over allegations of racism and misogyny that created a toxic work environment within the Suns’ organization as detailed in an ESPN report back in November.
Sarver strongly denied the allegations and said he welcomed the NBA’s investigation, which is continuing as the Suns enter the first round of the NBA playoffs on Sunday.
“It has been an honor to serve as executive chairman of Western Alliance Bancorporation. I want to offer my sincere appreciation to our employees, whose hard work and dedication have allowed us to achieve so much during my 20 years at the company,” said Sarver said, in a statement issued by the company.
Kenneth A. Vecchione, Western Alliance Bancorp.’s chief executive officer and president, issued a statement commending Sarver’s role in the company.
“Robert’s vision and leadership made the remarkable success of Western Alliance possible. Robert was honest, transparent, and led the company with integrity throughout his time as a colleague and as a friend to many of us,” he said.
The company also announced boarad member Steve Hilton would be stepping down in June.