James R. Boldt, chairman and chief executive officer of Computer Task Group, has been appointed to First Niagara Financial Group’s board of directors.
Boldt has been CEO of CTG since 2001, and he was named to CTG’s board that year.
By adding Boldt, First Niagara now has nine independent directors. First Niagara in its corporate governance guidelines said it believes having nine to 13 members represents “an appropriate size range” for carrying out its goals for the board’s makeup and function.
John R. Koelmel had been a member of the board, but he left in accordance with company bylaws when First Niagara removed him as president and chief executive officer in March.
Gary M. Crosby, the interim president and CEO, is not a board member. The bank is continuing its search for a permanent CEO.
First Niagara in a 2012 regulatory filing said its directors are paid $65,000. Bolt was appointed to the risk and compensation committees, and will receive an additional $10,000 in retainer fees for those duties.
“We’re pleased to have a Western New Yorker with Jim’s decades of public company management and financial expertise joining First Niagara’s board,” said First Niagara’s chairman, G. Thomas Bowers, in a statement.
“Jim’s experience as a CFO, CEO and independent director is invaluable, and we look forward to benefitting from his contributions to the First Niagara board as the bank executes its strategy for maximizing shareholder value through continued organic growth and enhanced efficiency and effectiveness.”