Jasper-based German American Bancorp Inc. (Nasdaq: GABC) has unveiled the next steps in its executive management succession plan. The bank says Chief Executive Officer Mark Schroeder will transition to executive chairman in January, ahead of his retirement in the second quarter of 2022.
Schroeder has spent his entire 49-year banking career with German American and has been CEO since 1999. The bank says he will act in a senior advisory capacity as executive chairman, and will also continue to serve as chairman of the German American Board of Directors until the end of his term in 2023.
German American says Neil Dauby, who currently serves as president and chief operating officer, will succeed Schroeder as CEO. Dauby joined the bank in 2001 and has held a variety of roles, including executive vice president and chief commercial banking officer.
The bank says as part of the succession plan, Chief Financial Officer Bradley Rust will also add the roles of senior executive vice president and COO to his duties. Rust joined German American in 1999 and has been CFO since 2005.
“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,” Schroeder said in a news release. “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.”
The changes will go into effect January 1.