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Following an outcry, the Philadelphia company said its chairman and CEO, Harry Madonna — who would receive a $1 million windfall if the bank is sold — won't be part of the strategic review committee set up to evaluate any bids.
Harry Madonna, the Philadelphia bank's founder, has taken back the reins after its most recent CEO, Vernon Hill, said he was forced to resign.
The case was also not 'extreme' enough to warrant the appointment of a custodian, an appeals court said.
The latest development removes a custodian that had been appointed to the Philadelphia bank's board, where a vacancy created an opportunity for multiple factions to try to wrest control from CEO Vernon Hill.