- After 20 years in the position
- Praise for Norman L. Lowery
- Norman D. Lowery taking over
- Norman L. Lowery will remain as Chairman at First Financial
- Norman L. Lowery said 100 words
(exechange) — Terre Haute, Indiana, October 20, 2023 — Norman L. Lowery, chief executive of First Financial, leaves his position. As announced by First Financial Corp. in a news release and in a regulatory filing published on Friday, October 20, 2023, Norman L. Lowery leaves his post as chief executive officer at the holding company for First Financial Bank, after 20 years in the role, effective January 1, 2024.
It is the end of an era.
Norman L. Lowery’s duties as CEO will be taken over by Norman D. Lowery, currently Chief Operating Officer at First Financial Corp.
It is a generational change. Norman D. Lowery is about 21 years younger than Norman L. Lowery.
Norman D. Lowery is the son of Norman L. Lowery.
No reason given
In the announcement, First Financial did not explicitly explain the reason for the move.
Norman L. Lowery will remain as Chairman at First Financial
First Financial stated: “Norman L. Lowery, the Company’s current Chairman, President and Chief Executive Officer, will serve as Executive Chairman of the Board through December 31, 2024, at which time he will transition to the role of non-executive Chairman of the Board.”
“Will cease to be President and Chief Executive Officer”
First Financial said: “Norman D. Lowery, Senior Vice President and Chief Operating Officer of the Company will succeed his father, Norman L. Lowery, as President and Chief Executive Officer on January 1, 2024.”
First Financial further said: “Norman D. Lowery will succeed Norman L. Lowery, the current Chairman, President and Chief Executive Officer of the Corporation and First Financial Bank N.A. (the “Bank”), as President and Chief Executive Officer of both entities, effective January 1, 2024. On that date, Mr. Norman L. Lowery will cease to be President and Chief Executive Officer but remain as an employee and officer in the capacity of Executive Chairman of the Board of the Corporation and Bank.”
Share price decline since October 2018
The announcement follows a decline in First Financial Corp.’s share price of 34% since October 2018.
In the position of CEO since 2004
Norman L. Lowery became CEO of the Company in 2004.
Norman L. Lowery joined the Board in 1989 and was appointed Chairman of the Board in November 2020.
Prior to that, Lowery served as Vice Chairman of the Board since 1996.
He serves as the Chairman for the Corporation’s Acquisition, Disclosure, Executive and Strategic Planning Committees and serves on the Asset/Liability, Disaster Recovery, Enterprise Risk Management, Loan Policy and Procedures, Loan Review, Reserve Analysis, Social Media and Cybersecurity Committees and Employee Benefits Sub-Committee.
Lowery also serves as the Chairman on the Bank’s Executive, Executive Loan and Strategic Planning Committees and serves on the Asset/Liability, Community Reinvestment Act, Cybersecurity, Disaster Recovery, Disclosure, Enterprise Risk Management, Loan Administration and Loan Review, Loan Policy and Procedures, Reserve Analysis, Social Media, Technology and Loan Committees.
Lowery is the Chief Executive Officer and President of the Corporation, serving in those positions since 2004 and 2013, respectively, and the Chairman, President and Chief Executive Officer of the Bank, serving since 1996.
Prior to joining the Corporation, Lowery was a partner in the law firm of Wright, Shagley & Lowery, P.C., where he practiced for 19 years.
He also served on Indiana State University’s Board of Trustees and Foundation Board.
Lowery serves on the board and executive committees of the Terre Haute Area Economic Development Corporation.
He is the father of Norman D. Lowery, the Chief Operating Officer of the Corporation and the Bank.
He received a B.S. degree from Indiana State University and a Doctor of Jurisprudence degree from Indiana University.
100 words by Norman L. Lowery
In the release announcing his departure as CEO of First Financial Corp., Norman L. Lowery received praise.
In announcing his departure, Norman L. Lowery said 100 words.
“Absolutely the right person”
Norman L. Lowery stated: “Norman D. is absolutely the right person to lead First Financial. In his role as Chief Operating Officer, Norman has driven continued improvement in our operational execution as we have grown in size and expanded the footprint of our business. During his 33 years with First Financial, Norman has developed a deep knowledge of our varied lines of business and the communities we are so fortunate to serve. He is a proven leader who knows our culture and brings significant energy to work every day. Our Board has the utmost confidence that he will be an outstanding President and CEO.”
Push-out Score for Norman L. Lowery’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Norman L. Lowery was pushed out or felt pressure to leave his position.
exechange reached out to First Financial and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 43.2023 ($).