- Push-out Score determined
- After almost 14 years in the position
- Accolades, praise and thanks for Funk
- Search for a successor
- Funk spoke at length and said 147 words
(exechange) — Iowa City, Iowa, February 7, 2022 — Charlie Funk, chief executive of MidWestOne, leaves. As announced by MidWestOne Financial Group Inc. in a news release and in a regulatory filing published on Monday, February 7, 2022, Charles N. (Charlie) Funk leaves his post as chief executive officer at the parent company of MidWestOne Bank, after almost 14 years in the role, effective in 2022.
MidWestOne will undertake a search for a successor.
No reason given
In the announcement, MidWestOne did not explicitly explain the reason for the move.
Precise information regarding Charlie Funk’s future plans was not immediately available.
MidWestOne said: “Chief Executive Officer (CEO) Charlie Funk, 67, will retire later this year, following a successful 21-year career with the organization.”
MidWestOne further said: “[E]ffective in 2022, Charles N. Funk will retire from his roles as Chief Executive Officer of the Company and its wholly owned subsidiary, MidWestOne Bank.”
Share price decline since February 2017
The announcement follows a decline in MidWestOne Financial Group Inc.’s share price of 10% since February 2017.
In the position of CEO since 2008
Charlie Funk became CEO of the Company in 2008.
Upon his retirement, Funk will continue to serve as a director of each of the Company and the Bank, subject to their respective nominating policies and procedures and election by the stockholders.
Funk is the Chief Executive Officer of the Company since March 2008 and the Bank since November 2000.
He joined the Company’s organization and served as President of the Company and the Bank from November 2000 to July 2020.
Prior to that, he held positions as President and Central Region Manager and Chief Investment Officer for Brenton Bank-Des Moines.
Funk has taught for the Colorado Graduate School of Banking in Boulder, Colorado, the Iowa School of Banking, and the Stonier Graduate School of Banking at Georgetown University.
He previously served on the board of Folience and the American Bankers Association and was the Chairman of the Iowa Bankers Association in 2010 and 2011.
Funk graduated with a Bachelor’s degree from William Jewell College.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Charlie Funk’s move on a scale of 0 to 10.
exechange reached out to MidWestOne and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 7.2022 ($).