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Frank Maiorano, CEO of Trust Company of America, Resigns

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In a surprise move Thursday, Trust Company of America announced that Frank Maiorano had resigned as CEO. Maiorano, the Nuveen and Schwab RIA alum, had been with the Colorado-based custodian for just under two years.

“[Maiorano] is recently married and wants to spend more time with his family,” said chief marketing officer Jennifer Nealson, when asked about the reason for the announcement. “He was the external face of the company, which required a good deal of traveling. We’ve had two really good years under his leadership, and the company grew by its highest margin in its history.”

Nealson said board member David Barry, who also has had a consultative role with the company, has taken over as CEO.

“It was an opportunistic situation because David’s been working closely with Frank over the past two years,” she added. “He knows us and could step in right away and keep us moving forward.”

Barry has served on the Trust Company Board of Directors for the past five years and served as CEO for a private company in the aviation industry. Barry spent much of the past decade running a $500 million division of Intrawest. He’s held a variety of senior leadership roles where he had oversight of six mountain resorts across the United States.

Maiorano came to Trust Company in January 2010 after building out the RIA and Institutional Consulting Services Group at Nuveen Investments. Before that he spent 12 years at Schwab.