BLUE RIDGE BANKSHARES, INC. 8-K

What Happened

• Blue Ridge Bankshares, Inc. (BRBS) filed an 8-K reporting that G. William (“Billy”) Beale stepped down as President and CEO of the company and CEO of Blue Ridge Bank, N.A., effective March 6, 2026. A Retirement Agreement dated March 12, 2026, governs his separation.
• The boards appointed Harry Golliday (current EVP & Chief Credit Officer) as Interim CEO and Interim President of the company and Interim CEO of the Bank, effective March 6, 2026. The company issued a press release on March 12, 2026, announcing the transition.

Key Details

• Retirement payments and benefits for Mr. Beale: payment of his 2025 bonus within 30 days of the Retirement Agreement; vesting of 18,542 restricted shares from a 2023 grant; a lump-sum payment of $180,478.13; and monthly cash payments of $84,004.13 for 12 months.
• Mr. Beale resigned from all boards, officer and fiduciary positions with the Company and the Bank on March 6, 2026; he agreed to release claims, reaffirm certain restrictive covenants from his prior employment agreement, and agreed to non-disparagement obligations.
• Interim CEO Harry Golliday (age 62) has served as the Bank’s Chief Credit Officer since January 2024 and previously held senior credit roles at Capital One, SunTrust and Wachovia. His existing employment agreement (dated May 3, 2024) provides a minimum base salary of $325,000, annual cash bonus opportunity up to 30% of base, long-term incentive opportunity up to 30% of base, and severance protections (including enhanced payments on termination without cause or following a change in control).
• Golliday’s employment agreement automatically renewed through May 3, 2027 (no nonrenewal notice given). Severance for termination without cause or for good reason includes monthly pay for the greater of 12 months or remaining term, pro rata bonus credit, and welfare continuation; change-in-control severance can provide a lump sum equal to two times the sum of base salary plus highest annual bonus (subject to release and restrictive covenants).

Why It Matters

• Leadership change: The CEO retirement and internal interim appointment are material governance events that affect executive leadership and strategic continuity. Investors should note the company selected an experienced internal executive as interim CEO, which may support operational stability.
• Financial impact: The separation agreement includes specified cash payments and stock vesting (18,542 shares). While not a large one-time charge relative to large banks, these known amounts are relevant to near-term cash flow and executive compensation disclosures.
• Future considerations: Watch for updates on a permanent CEO search and any related strategic or operational changes. The interim CEO’s employment terms (salary, bonus opportunities, and severance protections) outline potential future compensation expenses depending on how long the interim period lasts or if a change in control occurs.