Doug Timmerman, president and chief executive officer of Madison-based Anchor BanCorp, the corporate parent of Anchor Bank, will step down from those positions during the third quarter of this year, the bank announced Monday. Timmerman will retain a position on Anchor’s board of directors and will serve as a consultant for the duration of his employment contract.
Also on Monday, Anchor BanCorp’s board of directors created the position of lead director and appointed David Omachinski, a current board member, to the position. Omanchinski is former president and chief operating officer for Oshkosh B’Gosh.
In the lead director position, Omachinski will provide regular reports to the board of directors and will review management and other operations of the company. He will also consult with and assist management in day-to-day, short-range and long term goals and strategies.
“The role of lead director is becoming more common in corporate America as companies seek to use all of the talent available to them in dealing with today’s difficult economic situation,” Timmerman said. “The addition of a lead director, and in particular of David with his extensive background and experience, will bring a fresh perspective and valuable hands-on support to our management team as we seek to deal with the challenges faced by (Anchor Bank) and our industry.”