Business Context and Reporting Period
This Form 8-K filing by Associated Banc-Corp, dated March 23, 2012, reports significant changes in executive leadership. The filing addresses the upcoming retirement of the Chief Financial Officer and the immediate appointment of successors to key financial roles.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and associated compensation adjustments rather than financial performance metrics.
Material Changes
- Departure: Joseph B. Selner plans to retire as Chief Financial Officer (CFO) of Associated Banc-Corp and Associated Bank during the summer of 2012. He will remain as Executive Vice President to facilitate the transition.
- Appointments: Christopher Del Moral-Niles was appointed CFO of the Company and Associated Bank, effective March 23, 2012. He is designated as the principal financial officer.
- Accounting Officer: Bryan R. McKeag was appointed principal accounting officer, effective March 23, 2012.
Guidance, Outlook, and Compensation
Management commentary is limited to the transition plan and background of the new officers. No financial guidance or outlook is provided in this filing.
- Christopher Del Moral-Niles Compensation: Annual base salary increased to $450,000. Granted stock options and restricted stock with an aggregate grant date fair value of approximately $26,000, subject to a three-year vesting schedule. Management Incentive Plan (MIP) participation remains at 50% of base salary at target.
- Bryan R. McKeag Compensation: Base salary increased by $38,500 effective March 23, 2012.
- Employment Agreements: Neither Mr. Niles nor Mr. McKeag has an employment agreement with the Company.
Investor Verification Checklist
- Verify the exact retirement date for Joseph B. Selner, currently stated as "summer of 2012."
- Review the definitive Proxy Statement for the 2012 Annual Meeting of Shareholders for full details on the incentive plans and arrangements mentioned.
- Confirm the vesting schedule terms for the $26,000 equity grant to Christopher Del Moral-Niles.
- Monitor subsequent filings for the official departure of Mr. Selner and any further executive changes.