Mike Pryor has resigned as CEO of Little Rock’s Lenders Title Co.
"It’s a professional separation," Pryor told ArkansasBusiness.com. "They’ve been very courteous towards me."
Pryor will be staying aboard for 90 more days as part of the transition with Pete Yuan, president of the IberiaBank’s Lafayette, La., market, who will take on the additional responsibility of managing the company’s title businesses.
IberiaBank Corp. of Lafayette, La., acquired Lenders Title and its family of title companies in 2006 as part of its $130 million purchase of Pulaski Investment Corp., the holding company for Pulaski Bank & Trust of Little Rock.
Lenders Title, with 156 employees and 20 Arkansas locations in Arkansas, ranked as the largest real estate title operation in the state.
Pryor last year served as president of the American Land Title Association, the national trade association for the abstract and title insurance industry.
Plans for the future?
"Not yet," Pryor said. "There’s no master plan. I’m 56 and too young to retire. Hopefully, I’ll be back in the title industry somewhere."
The text of his resignation letter to his staff and IberiaBank’s ensuing announcement follow:
TO: Lenders Title Company
United Title Company
American Abstract and Title Company
FROM: Mike Pryor, CEO
DATE: May 24, 2010
I have submitted my resignation as Chief Executive Officer of Lenders Title Company.
While this may come as a surprise to many of you, it is not a sudden event or unexpected surprise to IberiaBank, our parent company. I first expressed my desire to pursue other opportunities in the fall of 2009. IberiaBank has been considerate and deliberate in their response to my resignation request.
Those of you who have been my co-workers for a long time understand this has been a difficult decision for me. Together, we built a great company that was reflective of the values and spirit that made coming to work a true joy. We achieved many milestones in our industry….and had our share of fun along the way. Above all other accomplishments, I cherish your friendship and loyalty.
I thank you from the bottom of my heart.
Over three years ago, IberiaBank purchased our company. As part of that transaction, I entered into a three year employment and non-competition agreement. Both IberiaBank and I have now completed our respective obligations. While we have worked closely…and successfully…to steer the company through a difficult economic climate, it has been readily apparent that our philosophies regarding business culture are not perfectly aligned. It is a credit to both IberiaBank and our Lenders Title team that those cultural differences have not undermined our mutual interests.
Let me plainly state that this decision has been mine. IberiaBank and I are committed to a smooth transition as I leave the company during the summer of 2010.
I would be less than truthful if I didn’t tell you how difficult….and even scary….this decision has been. But I also feel a growing excitement about the next chapter in my life. I am in excellent health, full of energy and still filled with a passion and vision for creating a great company culture. I am ready for the next challenge.
On a final note, many people entrusted me with an incredible opportunity to build a great company. Jim East, our former shareholder and Duncan Miller, our former CEO belong at the top of that list. There are certainly others, but more especially, there is each of you. Over the years, your demonstrated commitment and respect for our company culture has made me proud over and over again…and together, we have enjoyed a stable, friendly and value-oriented work place.
Over the next several weeks, I expect to visit each of our offices to express my personal gratitude for your friendship and loyalty.
ORGANIZATIONAL ANNOUNCEMENT
May 25, 2010
Effective immediately, Pete Yuan, current President of the Lafayette, Louisiana market, will take on the additional responsibility of managing the Company’s title businesses. Since the acquisition of Lenders’ Title Company, Mike Pryor has served as President and CEO of our title businesses, including Lenders’ Title Company, American Abstract, and United Title Company.
"Mike has done a good job strengthening the position of Lender’s Title, managing it through this tough economic cycle and expanding our title business across a multi-state footprint. We appreciate his contributions." says Michael Brown, Chief Operating Officer. "Mike has elected to pursue other interests at this time and we wish him well." Mike will remain with the company through the summer to assist with the transition.
"I am excited about the opportunity to work with our title company associates." says Pete Yuan. "Lenders’ Title, American Abstract, and United Title all have excellent reputations within their markets and provide us a great platform to further grow the business."
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