Bram Goldsmith and City National said he will step down as chairman of the corporation, effective October 1, 2013, but will continue to serve on the board as chairman emeritus.
Goldsmith, who turned 90 this year, also will remain active as a member of the company’s senior management team and executive committee, working full-time with clients, colleagues and community representatives.
Goldsmith was elected to the company’s board of directors in 1964, and he served as its CEO from 1975 to 1995. In that time, City National’s assets grew from $600 million to $3.3 billion.
To ensure continuity, City National’s board has named Russell Goldsmith, the corporation’s CEO for 18 years, to serve as its chairman. He is currently chairman and CEO of City National Bank and president and CEO of City National Corporation.
“This seems to me to be the appropriate time to make the transition,”
Bram said. “The company is in excellent hands, and I’m very pleased that Russell will succeed me as chairman of the corporation. City National has been — and will continue to be — a huge part of my life, and I know its best days are still to come.”