Nov 29 A shareholder of First NBC Bank Holding
Co. has called for the CEO's removal, saying a change
at the top would give more confidence to the New Orleans
Activist hedge fund Clinton Group, which has not disclosed
the size of its holding in the bank, first began agitating for
changes at the small bank early this month. Clinton's second
letter, disclosed on Tuesday, is the first time the hedge fund
has called for the removal of Ashton Ryan, the bank's president
"I would strongly suggest that the board properly execute
its fiduciary duty and address the material weaknesses in
management by replacing the current chief executive officer as
soon as practicable," Clinton Group Managing Director Scott
Arnold said in a letter addressed to the company's board.
First NBC Bank was not immediately available for comment.
(Reporting by Michael Flaherty; Editing by Dan Grebler)