Green Bay-based Associated Banc-Corp. has named Andrew Harmening as its next president and chief executive officer, filling the role currently held by the retiring Phillip Flynn.
Harmening will come to Associated from Ohio-based Huntington Bancshares where he is senior executive vice president, consumer and business banking of Huntington Bank.
“Andy is a highly regarded banking leader with a track record of driving profitable growth and operational excellence, improving customers’ experience and spearheading innovative digital products,” said Jay Williams, chairman of Associated’s board. With more than 25 years as a consumer, small business and commercial banker, he brings valuable expertise in digital transformation that will help drive Associated’s profitable growth trajectory.”
Harmening has been with Huntington since 2017 and led the bank’s digital and omni-channel strategy, transforming its sales and service experience. Prior to Huntington, he spent more than a decade at Bank of the West. Including as vice chairman of consumer banking and head of regional banking. He also spent nine years at U.S. Bank and started his career as a branch manager at Fifth Third Bank.
An Associated Bank press release announcing the hire did not specify when Harmening would start as CEO. The bank’s March 4 offer letter to Harmening asked him to start “as soon as possible,” but noted he had a 90-day notice obligation with Huntington. Associated wanted Harmening to seek a waiver of that requirement and request a two-week notice period. In a securities filing on Wednesday, Huntington said Harmening’s departure would be effective April 1.
Harmening will have an annual base salary of $1 million, a $1.5 million annual cash incentive opportunity, a $2.5 million annual long-term equity incentive award and a $7.3 million restricted stock sign-on award that could be adjusted based on the vesting of his Huntington stock awards. Associated is also reimbursing up to $200,000 in moving expenses related to his relocation to Green Bay.
“I am honored to become the president and CEO of this outstanding financial institution at a time when customer focus and nimble, digitally enabled execution has never been more important,” Harmening said. “Phil and the entire Associated team have laid the groundwork for a strong path forward, and I look forward to working with Phil to ensure a smooth transition and to accelerate Associated’s progress.”
Flynn announced in January that he would be retiring from Associated at the end of 2021. The plan is for Flynn to stay on as president and CEO until Harmening starts and then continue in an advisory and ambassador role for the bank.
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