Williams succeeds Scott Sommer, who will assume the role of board chairman and drive the company’s M&A strategy.
Scottsdale, Ariz., May 17, 2024 – Cornerstone Advisors, a leading management and technology consultancy for banks, credit unions, and fintech firms, announced today that Steve Williams, the company’s long-standing president, has been appointed chief executive officer. Williams succeeds Scott Sommer, who co-founded Cornerstone with Williams and others in 2002 and will now serve as Cornerstone’s chairman of the board.
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Steve Williams, CEO |
Scott Sommer, Board Chairman |
As CEO, Sommer led the company’s growth from eight to more than 200 professionals and was instrumental in its strategic acquisition of six companies. As board chairman, Sommer will lead the firm’s strategic M&A efforts, oversee strategy, and remain active in Cornerstone’s governance.
“We set out in 2002 to become the nation’s most respected advisory firm for midsize banks and credit unions,” Sommer said. “Many clients that were with us in the early days are still with us today. I couldn’t be prouder of this incredible team of professionals who have brought expertise on so many levels and across so many banking disciplines to our enterprise. Further, I couldn’t be more confident in anyone I know to steer this company into the future than my partner Steve Williams.”
As CEO, Williams will continue to lead the firm’s growth and thought leadership initiatives while remaining actively involved in delivering Cornerstone’s strategy, contract negotiation, performance, transformation, and merger integration services.
“Serving as trusted advisors to banks, credit unions, and financial technology firms has been our guiding purpose for over two decades,” Williams observed. “When we started this firm, the average bank size was around $800 million. Today, it’s over $5 billion. We’ve seen consolidation and the evolution of banking as a tech-driven industry fighting against countless competitors while working to meet ever-greater regulatory demands. Scott and I look forward to working together to guide this company’s evolution in ways that position us to continue to provide unmatched advisory services in a changing banking landscape.”
For more than 20 years, Cornerstone Advisors has delivered gritty insights, bold strategies, and data-driven solutions to build smarter banks, credit unions, and fintechs. From technology systems selection and implementation to contract negotiations, performance improvement, vendor management, strategic planning, and merger and acquisition services, Cornerstone combines its expertise with proprietary data to help financial institutions thrive in today’s challenging environment. For more information, visit www.crnrstone.com or connect with us on LinkedIn.
Media Contact:
Cate Pitts, Editorial Director
Cornerstone Advisors
(480) 425-5203
cpitts@crnrstone.com