Business Context and Reporting Period
This Form 8-K Current Report is filed by Blue Ridge Bankshares, Inc. (BRBS), a Virginia corporation, with a report date of March 6, 2026. The filing primarily addresses a significant executive leadership transition involving the retirement of the Chief Executive Officer and the appointment of an interim successor.
Key Financial Metrics
The filing does not contain standard financial performance metrics such as revenue, net income, cash flow, margins, debt levels, or liquidity ratios. The only financial data provided relates to executive compensation and severance arrangements:
- Outgoing CEO Compensation: G. William "Billy" Beale is entitled to his 2025 bonus, vesting of 18,542 restricted shares, a lump sum payment of $180,478.13, and monthly cash payments of $84,004.13 for twelve months.
- Interim CEO Compensation: Harry Golliday's employment agreement stipulates a minimum base salary of $325,000 per year, with potential annual cash bonuses and long-term incentive awards of up to 30% of base salary.
Material Changes
The primary material change reported is the departure of the Company's top executive:
- CEO Departure: G. William Beale stepped down as President and CEO of Blue Ridge Bankshares, Inc. and CEO of Blue Ridge Bank, National Association, effective March 6, 2026. He also resigned from the boards of directors of both entities.
- Leadership Appointment: Harry Golliday, previously Executive Vice President and Chief Credit Officer, was appointed as Interim President and CEO of the Company and Interim CEO of the Bank, effective March 6, 2026.
Guidance, Outlook, and Risks
The filing does not provide updated financial guidance, revenue outlook, or specific risk factors beyond the standard disclosure of executive transition. Key management commentary and contingencies include:
- Transition Stability: The appointment of Mr. Golliday, who has served as Chief Credit Officer since January 2024 and possesses extensive banking experience (CapitalOne, SunTrust, Wachovia), is intended to ensure continuity.
- Severance Contingencies: Mr. Golliday's employment agreement includes specific severance provisions for termination without cause or for "good reason," including potential lump-sum payments equal to two times base salary plus bonus in the event of a change in control within one year.
- Restrictive Covenants: Both the departing and incoming executives are subject to non-competition and non-solicitation covenants, generally lasting 12 months post-employment.
Investor Verification Checklist
- Verify the full text of the Retirement Agreement (Exhibit 10.1) to confirm the total payout obligations and vesting schedules for the outgoing CEO.
- Review the Employment Agreement for Harry Golliday to understand the specific triggers for severance payments and the duration of his interim role.
- Monitor subsequent filings for the appointment of a permanent CEO and any changes to the Board of Directors composition.
- Check the Press Release (Exhibit 99.1) for any additional strategic context regarding the leadership change not detailed in the 8-K.