German-American explains CEO succession plan – WISH-TV | Indianapolis Information | Indiana climate
JASPER, Ind. (Inside INdiana Business) – Jasper-based German American Bancorp Inc. (Nasdaq: GABC) has announced the next steps in its executive succession plan. The bank says chief executive officer Mark Schroeder will move to executive chairman in January before retiring in the second quarter of 2022.
Schroeder has spent his entire 49-year banking career at German American and has been CEO since 1999. The bank says he will serve as Executive Chairman in a senior advisory capacity and will continue to serve as Chairman of the German American Board of Directors until the end of his term in 2023.
The German American says Neil Dauby, who is currently President and Chief Operating Officer, will succeed Schroeder as CEO. Dauby joined the bank in 2001 and has held various roles including executive vice president and chief commercial banking officer.
According to the bank, Chief Financial Officer Bradley Rust will also add the roles of Senior Executive Vice President and COO as part of the succession plan. Rust joined German American in 1999 and has been CFO since 2005.
“This move from Chief Executive Officer to Neil and Chief Operating Officer to Brad is the logical next step in an ongoing management succession process that the Board of Directors has implemented over the past few years,” Schroeder said in a press release. “Having worked with both Neil and Brad for more than twenty years, I have complete confidence in their ability to lead German-Americans to even greater success in the years to come.”
The changes will take effect on January 1st.