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Crypto-friendly Signature Bank (SBNY)'s CEO Joe DePaolo is stepping down from his role as president to be succeeded by chief operating officer (COO) Eric Howell.
Following a transitionary period starting on March 1, Howell will replace DePaolo as president.
The bank also said that once DePaolo completes his transition into the advisory role, Howell will be named as CEO. Till then DePaolo will retain the CEO role and his seat on the board.
It is unclear how long the transitionary period will last. Signature Bank did not immediately respond to CoinDesk's request for further comment.
The bank has been attempting to reduce its involvement in digital assets following the market downturn which started last year and came to a head with the collapse of crypto exchange FTX last November.
Signature said it would be shrinking its deposits tied to cryptocurrencies by $8 billion to $10 billion in December. Last month, Binance said that Signature would no longer handle transactions of less than $100,000 for crypto exchange customers.
Read more: Signature Bank Downgraded at Jefferies Due to Shrinking Crypto Business
UPDATE (Feb. 16, 2023, 12:35 UTC): Updates headline, adds further details and background.
UPDATE (Feb. 16, 2023, 12:15 UTC): Adds additional details.
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