German American Bancorp, Inc. (GABC) Announces Next Steps in Executive Management Succession Plan
July 01 2021 - 8:00AM
German American Bancorp, Inc. (Nasdaq: GABC) and German American
Bank have announced the next steps of their previously disclosed
ongoing management succession plan. The Company’s Board of
Directors, at its recent annual reorganization meeting, approved
the following changes effective as of January 1, 2022: Mark A.
Schroeder will be assuming the position of Executive Chairman, D.
Neil Dauby will be assuming the position of President & Chief
Executive Officer and Bradley M. Rust will transition to an
expanded role of Senior Executive Vice President & Chief
Operating Officer, while also continuing in his current Chief
Financial Officer role. Mr. Dauby has also been appointed to the
boards of both organizations effective immediately.
Mr. Schroeder, who has been with German American
for the entirety of his 49 years of banking industry experience,
has served as the Company’s Chief Executive Officer since January
1, 1999. Mr. Schroeder has been a member of the German American
Board since his appointment as the Company’s President on January
1, 1991. Mark, who has served in various corporate positions during
his tenure with the Company, including senior lending officer,
chief financial officer, chief operating officer and chief
executive officer, will act in a senior advisory capacity as he
assumes his new role as Executive Chairman in anticipation of his
expected retirement as an executive officer and active employee of
the Company during the second quarter of 2022. It is expected that
Mr. Schroeder will continue to serve as chairman of the Company’s
Board until the completion of his current board term at the 2023
annual shareholders’ meeting.
Mr. Dauby, who joined German American in 2001,
will assume the Chief Executive Officer role as of January 1, 2022.
He presently serves as President & Chief Operating Officer,
after having previously served as Executive Vice President &
Chief Commercial Banking Officer as well as past affiliate and
regional president roles with the Company. Prior to joining German
American, Mr. Dauby, a graduate of Western Kentucky University in
Bowling Green, Kentucky, was a CPA with sixteen years of leadership
experience with regional accounting firms in various Kentucky
markets, including Bowling Green and Owensboro, which are part of
German American’s footprint. As President & Chief Executive
Officer, Neil will assume overall responsibility for all operating
and strategic aspects of the Company, reporting directly to the
Board of Directors.
Mr. Rust joined German American in 1999 in
connection with the Company’s merger with 1ST Bancorp of Vincennes,
Indiana. He has more than 30 years of banking experience. He
previously served as a federal bank examiner and in various
capacities within the accounting and finance functions for 1ST
Bancorp and German American, as well as, having previous executive
management experience within the operations and technology areas
for German American. Brad, who has been German American’s Chief
Financial Officer since 2005, currently serves as Senior Executive
Vice President & CFO for the Company, which includes executive
oversight responsibilities for the Company’s Wealth Management and
Insurance divisions. In his expanded role as the Company’s Chief
Operating Officer, Mr. Rust will assume more extensive involvement
in the executive oversight of the operations of the Company, while
also continuing in his present role as chief financial officer with
responsibility for the Company’s accounting and finance functions,
including mergers and acquisitions, institutional research and
shareholder relations.
Commenting on the Company’s announcement, Mark
A. Schroeder, German American’s Chairman & CEO, stated, “This
transition of the chief executive officer position to Neil and the
chief operating officer to Brad are the logical next steps in an
ongoing management succession process that the Board has been
implementing for the past several years. Having worked with both
Neil and Brad for more than twenty years, I have the utmost
confidence in their ability to lead German American to even greater
levels of success in the coming years.”
Mr. Dauby added, “I am excited and humbled to be
given this opportunity and look forward to working with Mark and
Brad in their new roles. Mark has had an impressive history of
success during his tenure as CEO and has built German American into
one of the premier community banking organizations in the nation.
Brad and I will benefit from his expertise and leadership as we
transition to our new executive management roles and prepare to
lead German American into the future.”
About German American
German American Bancorp, Inc. is a Nasdaq-traded
(symbol: GABC) financial holding company based in Jasper, Indiana.
German American, through its banking subsidiary German American
Bank, operates 68 banking offices in 19 contiguous southern Indiana
counties and eight counties in Kentucky. The Company also owns an
investment brokerage subsidiary (German American Investment
Services, Inc.) and a full line property and casualty insurance
agency (German American Insurance, Inc.).
For additional information, contact:Mark
A Schroeder, Chairman & Chief Executive
Officer.D. Neil Dauby, President & Chief
Operating Officer (812) 482-1314
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