- Push-out Score determined
- After almost 14 years in the position
- Accolades, praise and thanks for Rechin
- Mark Hardwick taking over
- Rechin said 65 words
(exechange) — Muncie, Indiana, September 29, 2020 — Mike Rechin, chief executive of First Merchants, leaves. As announced by First Merchants Corp. in a news release and in a regulatory filing published on Tuesday, September 29, 2020, Michael C. (Mike) Rechin leaves his post as chief executive officer at the financial holding company after almost 14 years in the role, effective December 31, 2020.
Succeeding Rechin will be Mark Hardwick, current COO and CFO, who will become CEO, and Michael Stewart, current Chief Banking Officer, who will become President.
Michele Kawiecki, current Senior Vice President of Finance, will become CFO.
“Long planned succession process”
Charles Schalliol, Chairman of the Board of Directors, said: “All three announced promotions are part of a long planned succession process by Mike Rechin and the Board of Directors.”
Precise information regarding Mike Rechin’s future plans was not immediately available.
First Merchants said: “After more than 13 years of leading significant growth and success for First Merchants Corporation (NASDAQ – FRME), President & CEO Michael C. Rechin announced today he will retire from his position effective December 31, 2020.”
Share price decline
The announcement follows a decline in First Merchants Corp.’s share price of 51% since August 2018.
Chaired by Charles Schalliol
Charles Schalliol serves as First Merchants Corp.’s Chairman.
In the position of CEO since 2007
Mike Rechin became CEO of the Company in 2007.
Rechin will remain on the First Merchants Board of Directors and will serve as an advisor to First Merchants going forward.
Rechin is the President and CEO of the Company and its wholly owned subsidiary, First Merchants Bank.
He joined FMC in 2005, as its Executive Vice President and Chief Operating Officer, and he has led the Company since 2007.
Before joining FMC, Rechin held senior management positions with National City Bank (“National City”) for 23 years.
Rechin was the manager of National City’s Indiana Commercial Banking operations from 1995 until 2005.
Rechin currently serves on the Boards of OneZone, the Conner Prairie Museum, The Center for the Performing Arts and Sheehan Family Foundation.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to First Merchants and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 40.2020 ($).