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Get filing alertsLive Oak Bancshares Chief Accounting Officer departs; CFO assumes role during search
Filed June 18, 2026 · Period ending June 16, 2026 · ~1 min read
Key Changes
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Chief Accounting Officer J. Wesley Sutherland departed effective June 16, 2026, remaining as Senior Advisor through an undisclosed amount September 30 to assist with transition.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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CFO Walter J. Phifer assumed Principal Accounting Officer duties on interim basis while company conducts external search for permanent replacement.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR →
Summary
Live Oak Bancshares disclosed a planned leadership transition in its accounting function. Chief Accounting Officer J. Wesley Sutherland stepped down from the role effective June 16, 2026, though he will remain with the company as a Senior Advisor through an undisclosed amount September 30 to ensure continuity during the handoff. CFO Walter J.
Phifer, who has been with the bank since 2015 and assumed the CFO position in January 2024, is covering the Principal Accounting Officer responsibilities on an interim basis. For retail investors, this represents a routine executive transition with appropriate safeguards.
The company has retained Sutherland for a three-month advisory period and placed an experienced internal executive in the interim role while conducting an external search. The orderly nature of the transition and Phifer's institutional knowledge suggest minimal disruption to financial reporting and controls. Watch for the announcement of Sutherland's permanent successor. The quality and background of that hire will signal whether this was a planned succession or reflects deeper issues in the finance organization.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
Effective June 16, 2026, Walter J. Phifer assumed the role of Principal Accounting Officer on an interim basis while the Company completes an external search for a successor to Mr. Sutherland.
The company's current CFO, Walter J. Phifer, is taking on the Principal Accounting Officer responsibilities temporarily. Mr. Phifer has been with the Bank since 2015 and became CFO in January 2024, so he brings institutional knowledge to the role during the search for a permanent replacement.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 18, 2026 · How we verify