Foundation Hires Former Tower Bank CEOPosted: Updated:
The Fort Wayne-based AWS Foundation has named Michael Cahill its first chief executive officer. He served as president and CEO of Tower Financial Corp. and Tower Bank & Trust Co., which was recently acquired by Evansville-based Old National Bancorp (Nasdaq: ONB). May 2, 2014
FORT WAYNE, Ind. - The AWS Foundation has hired Michael D. Cahill, CPA as its first Chief Executive Officer effective June 2, 2014. The Foundation was created on July 1, 2007 with the mission to help children and adults with enduring intellectual and physical disabilities live as independently as possible, be included in the community and function at their highest potential.
The Foundation's creation resulted from the success of AWS/Benchmark, which began services in 1960. AWS/Benchmark became a for-profit entity in 2007 and has continued its successes with operations now in ten states and nearly 3,000 employees. The Foundation owns 60 percent of AWS/Benchmark and also has 100 percent ownership in a smaller AWS not-for-profit entity that operates several programs for individuals with intellectual and physical disabilities in northeast Indiana.
The Foundation started with $14 million in assets that have grown to over $64 million in total assets due to its ownership of the two operating subsidiaries. "The growth in our investment base plus the income generated by our operating businesses provides the opportunity to greatly expand the impact our Foundation can make in living up to its mission. We want to go beyond our traditional grant making role and look for ways to provide leadership in growing existing successful programs, developing new programs and sharing our successes in other areas of the country," stated Patti Hays, AWS Foundation Board chair.
Lynne Gilmore will continue her role as the Foundation's executive director and work with Mr. Cahill and the Foundation board in developing and executing a larger strategic vision for the Foundation. Mr. Cahill has a long history of involvement with AWS/Benchmark. He was initially a board member and treasurer from 2000 to 2004; joined the board of directors of the for-profit entity in 2007 and became their representative to the Foundation. He was then elected to the Foundation board two years ago. Mr. Cahill was President and CEO of both Tower Financial Corporation and Tower Bank & Trust Company until its sale to Old National Bank at the end of April 2014.
"This is a great opportunity to more fully invest myself in a mission that I passionately believe in. Thanks to the tremendous growth in the subsidiary businesses, we are poised to take another significant step forward in making an even greater impact in the disability community. I am truly humbled by being able to work for the Foundation," Mr. Cahill said.
Since its grant making began in 2009, the AWS Foundation has made grants in northeast Indiana totaling $3.3 million. "Mike's experience with both AWS/Benchmark and our Foundation brings a unique perspective to our work as we seek opportunities for expansion," said Lynne Gilmore, Executive Director.
About the Foundation
The AWS Foundation supports organizations and programs that benefit individuals with disabilities. Our mission is to help children and adults with enduring intellectual and physical disabilities live as independently as possible, be included in the community and function at their highest potential.
Source: The AWS Foundation