Reports: Suns owner Robert Sarver retiring as Western Alliance chairman
Phoenix Suns and Mercury majority owner Robert Sarver will reportedly retire as executive chairman of the Western Alliance Bancorporation in June.
Multiple reports say the banking company announced Sarver’s eventual departure on Friday.
Sarver, 60, has held a position on the board of directors since 2002 and served as CEO from 2002-18.
The announcement comes amid an NBA investigation into Sarver’s behavior as the Suns owner including allegations of racism and misogyny reported by ESPN’s Baxter Holmes.
Sarver has denied the allegations.
Western Alliance Bancorporation did not mention the investigation in the announcement nor give any specific reasons to Sarver’s retirement, according to Holmes.
“It has been an honor to serve as executive chairman of Western Alliance Bancorporation,” Sarver said in a statement.
“I want to offer my sincere appreciation to our employees, whose hard work and dedication have allowed us to achieve so much during my 20 years at the company. With the company well positioned for continued success and growth, the time is right for me to begin a new chapter.”
The banking corporation has subsidiaries Western Alliance Bank and Alliance Bank of Arizona and grew its assets by more than $50 billion with Sarver aboard, according to Phoenix Business Journal.
Sarver has been the majority owner of the Suns since 2004.