Unity Bancorp, Inc. announced that its Chief Executive Officer, James A. Hughes, will retire effective March 31, 2027. As part of a planned succession, the Board of Directors will appoint current President George Boyan to the role of President and Chief Executive Officer, effective April 1, 2027. Mr. Hughes will continue to serve on the company's Board of Directors following his retirement.
Key Details
- Retirement Date: James A. Hughes will retire as CEO on March 31, 2027.
- Successor Appointment: George Boyan, current President, will assume the role of President and CEO on April 1, 2027.
- Financial Impact: The company amended the outgoing CEO's retirement plan, resulting in a one-time pre-tax expense of $769,000 to be recognized in the quarter ending September 30, 2026.