Business Context and Reporting Period
This Form 8-K Current Report was filed by Associated Banc-Corp on May 7, 2025. The filing reports on a significant executive transition involving the retirement of a senior officer, effective July 1, 2025.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and personnel changes.
Material Changes
The primary material change reported is the departure of David Stein, Executive Vice President and Head of Consumer and Business Banking. Key details include:
- Retirement Date: July 1, 2025.
- Transition Role: Strategic Advisor and Madison Market President (July 1, 2025, through December 31, 2025).
- Final Employment Date: December 31, 2025.
Compensation, Outlook, and Risks
Under the Employment Transition Letter Agreement dated May 7, 2025, the following compensatory arrangements apply to Mr. Stein during his transition period:
- Base Salary: $25,000 per month from the effective date until retirement.
- Incentive Programs: Continued participation in the short-term incentive program through June 30, 2025, and vesting in unvested long-term incentive awards.
- Performance Award: Eligibility for a one-time performance-based award of $25,000, payable after retirement contingent on meeting specific corporate strategy and strategic initiative expectations.
The filing does not provide updated financial guidance, general outlook commentary, or specific risk factors beyond the standard disclosure of executive departure.
Investor Verification Checklist
- Verify the appointment of a successor to the role of Head of Consumer and Business Banking.
- Review the full text of the Employment Transition Letter Agreement (Exhibit 10.1) for additional terms not summarized in the filing.
- Monitor future filings for the impact of this leadership change on the Consumer and Business Banking segment performance.
- Confirm the specific performance metrics required to trigger the $25,000 performance-based award.