Company announces new Chief Financial Officer as predecessor faces child molestation allegations
In a significant shift at Old National Bank, John Moran has been permanently appointed as the Chief Financial Officer (CFO), effective from August 31. This appointment follows a mutual separation agreement with former CFO Brendon Falconer, who stepped down from his role after being arrested on two child molestation charges in March.
Moran, who joined Old National for the second time in 2021, according to his LinkedIn profile, previously served as the bank's chief strategy officer before taking on the interim CFO role. Before his return to Old National, Moran was the director of corporate development and strategy from 2017 to 2019.
John Moran's remuneration package includes an annual salary of $600,000, a bonus that could total $480,000 in the first year, and a long-term equity award worth $450,000 in year one. Falconer, on the other hand, will receive a cash payment of $2,645,552 upon his departure, which includes twice his 2024 salary, his prorated target bonus for this year, and the value of certain executive benefits.
Falconer's performance share units will be earned on a prorated basis after the performance period ends. His outstanding restricted stock awards will vest on a prorated basis as of Aug. 31. It's worth noting that Falconer sold 49,375 Old National shares worth slightly more than $800,000 in late April, but the reasons for his departure or any transactions involving stock after his departure are not publicly available.
Old National Bank put Falconer on administrative leave after his arrest, and no further information about his departure from the bank has been disclosed. It's important to note that the bank has stated that Falconer's departure was not due to any disagreements regarding the company's financial reporting or condition, operations, policies, or practices.
Moran's tenure as CFO comes at an interesting time for Old National Bank, as the financial industry continues to evolve and adapt to the challenges posed by the ongoing pandemic. With Moran's extensive experience in corporate development and strategy, as well as his proven leadership in the role of interim CFO, Old National Bank is poised to navigate these challenges and continue its growth trajectory.
In light of his permanent appointment as CFO, John Moran is expected to leverage his extensive experience in the banking-and-insurance industry to guide Old National Bank through its growth trajectory during these challenging times in the financial sector. The bank's business model, including finance and strategy, will likely undergo significant changes under Moran's leadership, given his background in these areas.
