- Push-out Score determined
- After about 12 years in the position
- Praise and thanks for Flynn
- Search for a successor
- Flynn said 74 words
(exechange) — Green Bay, Wisconsin, January 21, 2021 — Phil Flynn, chief executive of Associated Banc-Corp, leaves. As announced by Associated Banc-Corp in a news release and in a regulatory filing published on Thursday, January 21, 2021, Philip B. (Phil) Flynn leaves his post as chief executive officer of the bank holding company after about 12 years in the role, effective December 31, 2021.
Associated Banc-Corp will undertake a search for a successor.
Long goodbye
It is a long goodbye. The announcement of Phil Flynn’s move comes up to 11 months prior to his planned departure from the post of CEO.
In general, a top executive who announces the departure particularly early may be considered a lame duck.
Lengthy lead times give boards extra time to find replacements, and they also create uncertainty. Would-be successors may jockey for attention and workers may wonder who is actually in charge.
Generally speaking, lame-duck leaders can take a forceful role in selecting a successor and are not expected to launch major shifts.
“The appropriate time”
Phil Flynn’s departure from the CEO post is explained as follows. Associated Banc-Corp said: “Mr. Flynn had been considering his retirement for some time, and he and the Board of Directors agreed that 2021 was the appropriate time to initiate such a transition.”
Precise information regarding Phil Flynn’s future plans was not immediately available.
“Retire”
Associated Banc-Corp said that “president and chief executive officer Philip B. Flynn has informed the Company’s Board of Directors of his plans to retire from the company at the end of 2021.”
Share price decline since January 2018
The announcement follows a decline in Associated Banc-Corp’s share price of 22% since January 2018.
Chaired by Jay Williams
Jay Williams serves as Associated Banc-Corp’s Chairman.
In the position of CEO since 2009
Phil Flynn became CEO of the Company in 2009.
Flynn joined Associated Banc-Corp as President and Chief Executive Officer in December 2009.
Flynn has more than 40 years of financial services industry experience.
Prior to joining Associated, Flynn held the position of Vice Chairman and Chief Operating Officer of Union Bank in California.
During his nearly 30-year career at Union Bank, he held a broad range of other executive positions, including chief credit officer and head of commercial banking, specialized lending and wholesale banking activities.
Flynn serves as a director or trustee of the Medical College of Wisconsin, the Milwaukee Art Museum, St. Norbert College, Wisconsin Manufacturers & Commerce, and the Green Bay Packers, Inc.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Phil Flynn’s move on a scale of 0 to 10.
exechange reached out to Associated Banc-Corp and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 4.2021 ($).