CAMDEN,
Maine, March 29, 2023 /PRNewswire/ -- In
connection with the upcoming annual meeting of Camden National
Corporation (NASDAQ®: CAC; "Camden National" or the "Company"), the
Company announced two additional governance-related actions to
strengthen overall corporate governance. These actions, combined
with prior actions to expand and diversify the Board of Directors,
are part of Camden National's long term commitment to maintaining
strong corporate governance practices that benefit our
shareholders.
"Over the past several months, the Governance Committee of the
Board of Directors conducted an extensive review of our governance
practices," said Lawrence J. Sterrs,
Chair of the Board of Directors. "This review resulted in the
previously announced expansion of the diversity of our board, in
line with our Board approved Diversity Statement and today we are
announcing a proposal to shareholders to declassify the terms of
the Board of Directors and the establishment of a succession
planning committee."
The Board will present for approval at the Annual Meeting of
Shareholders to be held on May 23,
2023, a proposal to declassify the terms of the Board of
Directors of the Company. As a Maine-based corporation, the transition to a
non-classified board would be completed by 2025, at which time all
directors would be subject to annual election.
"Although our president and CEO, Greg
Dufour, has no immediate plans to retire, he will turn 63
years old in May," explained Sterrs. "The Board has established a
temporary committee to assist in succession planning, including to
identify a potential successor. Greg is an active participant with
and supports the committee, which has engaged a nationally
recognized executive recruiting firm to coordinate the search,
including internal candidates."
"Camden National consistently plans for the long-term
highlighted by strong and transparent governance," said
Gregory A. Dufour, president and CEO
of Camden National Corporation. "Leadership succession is critical
for a board and our company, and I look forward to working with the
committee as it will also allow me to consider my own personal
plans and provide for a smooth succession over time."
"With Greg at the helm of the organization, supported by a
strong executive team and the addition of a talented successor,
Camden National will be well positioned for long-term success,"
concluded Sterrs.
The transition process is currently expected to extend into at
least mid-2024.
Further information will be provided in Camden National
Corporation's prelim DEF 14A Proxy Statement which will be
available March 31, 2023.
About Camden National Corporation
Camden National Corporation (NASDAQ®: CAC) is the largest
publicly traded bank holding company in Northern New England with
$5.7 billion in assets and was
proudly listed as one of the Best Places to Work in Maine in 2021 and 2022. Founded in 1875,
Camden National Bank is a
full-service community bank dedicated to customers at every stage
of their financial journey. With 24/7 live phone support, 58
banking centers, and additional lending offices in New Hampshire and Massachusetts, Camden
National Bank offers the latest in digital banking,
complemented by award-winning, personalized service. To learn more,
visit CamdenNational.bank. Member FDIC. Equal Housing Lender.
Comprehensive wealth management, investment and financial
planning services are delivered by Camden National Wealth
Management.
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SOURCE Camden National Corporation