- Push-out Score determined
- After almost 15 years in the position
- Accolades and praise for Jones
- Jones will remain as Chairman at Old National
- Jones spoke at length and said 177 words
(exechange) — Evansville, Indiana, January 16, 2019 — Bob Jones, chief executive of Old National, hands over the reins. As announced by Old National Bancorp in a news release and in a regulatory filing published on Wednesday, January 16, 2019, Robert G. (Bob) Jones leaves his post as chief executive officer at the regional bank after almost 15 years in the role, effective May 2, 2019.
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 8.5 years, according to data compiled by exechange. Only 33 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.
Bob Jones’s duties will be taken over by James C. (Jim) Ryan, currently chief financial officer of Old National Bancorp.
“Robust, multi-year succession plan process”
Bob Jones’s departure from the CEO post is explained as follows. Becky Skillman, independent lead director of the Old National Board of Directors, said: “I’m proud to say, Old National’s transition to a new leadership model with Jim Ryan as CEO is the result of a robust, multi-year succession plan process.”
Jones will remain as Chairman at Old National
“Jones, 61, will continue to serve as Old National’s Chairman of the Board, through January 2020, after his retirement as CEO,” Old National said.
Old National said: “Bob Jones will retire as chief executive officer after over 14 years of service with the company and almost 40 years in banking.”
Old National further said: “At a meeting of the Board of Directors … of Old National Bancorp … on January 15, 2019, Robert G. Jones notified the Board of his decision to retire as Chief Executive Officer of the Company effective as of the commencement of the Company’s 2019 Annual Meeting of Shareholders to be held on May 2, 2019.”
Share price increase since February 2016
The management change announcement follows an increase in Old National Bancorp’s share price of 47 percent since February 2016.
In the position of CEO since 2004
A native of Cleveland, Ohio, Jones became CEO of Old National in September 2004.
Prior to that, he served for 25 years at KeyCorp in Northern Ohio.
During Jones’s tenure, Old National has been recognized seven times (2012-2018) as one of the Ethisphere Institute’s World’s Most Ethical Companies, and American Banker magazine has recognized the company twice as a “Great Place to Work.”
Jones serves on numerous boards, including Vectren, the University of Evansville, the Evansville Regional Business Committee, Inc. (current chair), SW Indiana Business Leaders Roundtable for Early Childhood Development, Riley Children’s Foundation, Central Indiana Corporate Partnership, ABA’s American Bankers Council Chair, International City/County Management Association-Retirement Corporation (ICMA-RC), the American Bankers Council and the Mid-Size Bank Coalition’s executive committee.
Former Indiana Governor Mitch Daniels presented Jones with the select Sagamore of the Wabash award and the Distinguished Hoosier Award.
He has also been inducted into the Evansville Regional Business Hall of Fame and the Evansville Vanderburgh School Corporation Hall of Fame.
Ryan will transition to the CEO role on May 2, when Jones officially steps down. At that time, current Old National Treasurer Brendon Falconer will succeed Ryan as CFO. A new Treasurer has not yet been named.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the likelihood that a manager was pushed out or felt pressure to leave the position.
exechange reached out to Old National and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 3.2019 ($).