- Push-out Score determined
- After 27 years in the position
- Accolades, praise and thanks for Newman
- Katie Lorenson taking over
- Newman will remain as Executive Chairman at Alerus
- Newman spoke at length and said 179 words
(exechange) — Grand Forks, North Dakota, September 20, 2021 — Randy Newman, chief executive of Alerus, leaves his position. As announced by Alerus Financial Corp. in a news release and in a regulatory filing published on Monday, September 20, 2021, Randy L. Newman leaves his post as chief executive officer at the financial services company, after 27 years in the role, effective January 1, 2022.
It is the end of an era.
Randy Newman’s duties as CEO will be taken over by Katie A. Lorenson, currently Chief Financial Officer at Alerus Financial Corp.
It is a generational change as well. Katie Lorenson is about 26 years younger than Randy Newman.
The Company has engaged an executive search firm to identify and evaluate potential successors to the Chief Financial Officer position. Both internal and external candidates will be considered, and Lorenson will work with the search firm to ensure the successful identification of a successor Chief Financial Officer.
“The right time”
Randy Newman’s departure from the CEO post is explained as follows. Newman said: “This transition comes at the right time.”
Newman will remain as Executive Chairman at Alerus
“Randy L. Newman will transition to the role of Executive Chairman of the Board to ensure a seamless leadership transfer,” Alerus said.
“Retire”
Alerus said: “[E]ffective on January 1, 2022, Randy L. Newman will retire from his roles as President and Chief Executive Officer of the Company.”
Share price increase since September 2016
The announcement follows an increase in Alerus Financial Corp.’s share price of 68% since September 2016.
In the position of CEO since 1995
Randy Newman became CEO of the Company in 1995.
Beginning on January 1, 2022, Newman will serve as Executive Chairman of the Company until the 2022 annual meeting of stockholders, and thereafter, Newman intends to continue to serve as a director of the Company, subject to the Company’s nominating policies and procedures and election by the Company’s stockholders.
Newman serves as Chairman, Chief Executive Officer and President of the Company and Bank.
He has served as a director of the Bank since 1987 and a director of the Company since 1988.
Newman joined Alerus Financial, formerly First National Bank North Dakota in 1981, and became its President in 1987 and Chief Executive Officer in 1995.
Prior to joining Alerus Financial, he taught Corporate Finance and Business Strategy courses at the University of North Dakota.
He was a director of the FHLB of Des Moines from 1999-2007.
Newman served as a Class A Director of the Federal Reserve Bank of Minneapolis from 2012-2018.
Newman received his BSBA in 1975 and his MBA in 1979 from the University of North Dakota.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Randy Newman’s move on a scale of 0 to 10.
Read the full story in the exechange report 39.2021 ($).