- Push-out Score determined
- After 19 years in the position
- Fuller will remain as Operating Executive Chairman at Heartland
- Fuller spoke at length and said 76 words
(exechange) — Dubuque, Iowa, May 18, 2018 — Butch Fuller, chief executive of Heartland, hands over the reins. It is a change at short notice. As announced by Heartland Financial USA, Inc. in a news release on Friday, May 18, 2018, Lynn Butch Fuller leaves his post as Chief Executive Officer at the bank holding company after 19 years in the position, effective June 1, 2018.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.6 years, according to data compiled by exechange. Only 18 percent of the CEOs who departed over the past 12 months left the position after more than 15 years.
Fuller’s duties will be taken over by Bruce K. Lee, currently President of Heartland Financial USA, Inc.
“Our company has carefully planned for our succession of leadership”
Fuller’s imminent departure from the CEO post is explained as follows. Lynn B. Fuller, Chairman and CEO, said: “Our company has carefully planned for our succession of leadership. Over the past three years, Bruce Lee and I have worked side by side, leading the company to Reach New Heights.”
Fuller will remain as Operating Executive Chairman at Heartland
“To ensure a seamless transition, Lynn B. Fuller will remain in an active role, as Operating Executive Chairman, overseeing merger and acquisition activity, Investor Relations, as well as, Enterprise Risk and Audit,” Heartland said.
Share price rise since February 2009
The change follows a rise in the share price of Heartland Financial USA, Inc. since February 2009.
In the position of CEO since 1999
Fuller has been Chief Executive Officer of Heartland since 1999, Chairman of the Board of Heartland since 2000 and was President of Heartland from 1990 until January 2015.
He began his banking career with Dubuque Bank and Trust Company in 1971.
He then worked as an officer at First National Bank of St. Paul from 1976 until returning to Dubuque Bank and Trust Company in 1978.