Russell Goldsmith to Take Over as City National’s CEO
City National Corp. on Thursday named Russell Goldsmith to succeed his father, Bram Goldsmith, as the Beverly Hills-based banking company’s chief executive and as chairman of its principal business unit, City National Bank, effective Oct. 16.
Russell Goldsmith, 45, a lawyer who has been chairman of Republic Pictures Corp., chief operating officer of Lorimar Inc. and vice chairman of the San Diego Padres baseball club, becomes the third member of his family to take the helm of the 41-year-old bank, following his father and his grandfather Ben Maltz, one of City National’s founders.
The elder Goldsmith, 72, will retain the title of corporate chairman. He said in an interview Thursday that the move not only fulfills “a father’s aspiration when he’s got a bright son,” but continues a tradition at City National, where hands-on experience in the banking industry has never been a prerequisite for running the company. Bram Goldsmith’s background was in commercial real estate, for example, while Maltz came from the liquor business. The Goldsmith family owns about 20% of City National.
Russell Goldsmith, who also takes the title of corporate vice chairman, said one of his first concerns will be to help ensure the smooth execution of the biggest transaction in City National’s history, its previously announced $85-million acquisition of First Los Angeles Bank.
He said, too, that his contacts as an entertainment executive--he headed Republic from 1986 until its merger last year with Spelling Entertainment Group--should help him contribute to one of City National’s strongest niches: lending to and managing money for the entertainment industry.
