Live Oak Bancshares (LOB) shifts accounting leadership, CFO named interim PAO
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Live Oak Bancshares, Inc. reported a senior accounting leadership change. J. Wesley Sutherland will no longer serve as Chief Accounting Officer of the company or Live Oak Banking Company.
Effective June 16, 2026, Chief Financial Officer Walter J. Phifer has assumed the role of Principal Accounting Officer on an interim basis while the company conducts an external search for Sutherland’s successor. Phifer has been with the bank since 2015 and became CFO in January 2024, after previously serving as Treasurer and Head of Finance, Planning and Analysis.
The company expects Sutherland to remain employed as a Senior Advisor to support the transition until his anticipated retirement on or about September 30, 2026.
Positive
- None.
Negative
- None.
8-K Event Classification
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
1 item
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Key Figures
Interim PAO effective date: June 16, 2026
CFO appointment date: January 2024
Advisor role end date: On or about September 30, 2026
+1 more
4 metrics
Interim PAO effective date
June 16, 2026
Date Walter J. Phifer became interim Principal Accounting Officer
CFO appointment date
January 2024
Walter J. Phifer has served as Chief Financial Officer since this date
Advisor role end date
On or about September 30, 2026
Expected retirement timing for J. Wesley Sutherland
Tenure at bank
Since 2015
Walter J. Phifer’s service with Live Oak Banking Company
Key Terms
Principal Accounting Officer, Chief Accounting Officer, Senior Advisor, Emerging growth company
4 terms
Principal Accounting Officer financial
"Effective June 16, 2026, Walter J. Phifer assumed the role of Principal Accounting Officer on an interim basis"
The Principal Accounting Officer is the person responsible for making sure a company's financial records are accurate and follow the rules. They play a key role in preparing financial reports that show how well the company is doing. This helps investors, managers, and regulators trust the company's financial information.
Chief Accounting Officer financial
"announced that J. Wesley Sutherland will no longer serve as the Chief Accounting Officer of the Company"
A chief accounting officer is a senior executive responsible for overseeing a company's financial records and ensuring all accounting practices are accurate and compliant with regulations. They play a key role in preparing financial reports that help investors understand the company's financial health, much like a trusted navigator guiding a ship through complex waters. Their work ensures transparency and trust in the company's financial information.
Senior Advisor financial
"Mr. Sutherland will remain employed with the Bank as a Senior Advisor assisting with the transition"
Emerging growth company regulatory
"Emerging growth company o Item 5.02. Departure of Directors or Certain Officers"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 16, 2026
(Exact name of registrant as specified in its charter) | ||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
Registrant’s Telephone Number, Including Area Code: (910 ) 790-5867
| Not Applicable | ||
| (Former name or former address, if changed since last report) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers
On June 18, 2026, Live Oak Bancshares, Inc. (the “Company”) announced that J. Wesley Sutherland will no longer serve as the Chief Accounting Officer of the Company or its subsidiary Live Oak Banking Company (the “Bank”). Effective June 16, 2026, Walter J. Phifer assumed the role of Principal Accounting Officer on an interim basis while the Company completes an external search for a successor to Mr. Sutherland. Mr. Phifer has been with the Bank since 2015 and has served as Chief Financial Officer of the Company and the Bank since January 2024. Prior to becoming Chief Financial Officer, he served as Treasurer and Head of Finance, Planning and Analysis. The Company expects that Mr. Sutherland will remain employed with the Bank as a Senior Advisor assisting with the transition until he retires on or about September 30, 2026.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| LIVE OAK BANCSHARES, INC. | ||||||||
| Date: June 18, 2026 | By: | /s/ Gregory W. Seward | ||||||
| Gregory W. Seward General Counsel | ||||||||