Associated Announces Retirement of Chief Financial Officer and Search for Successor

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Associated Banc-Corp in Green Bay, Wisconsin, is looking for its next chief financial officer.

The $35 billion-asset company announced this week that chief financial officer Christopher Del Moral-Niles, who has served since 2012, plans to retire this year. Associated has hired research firm Diversified Search Group to help find its next chief financial officer, the company said in a press release.

Del Moral-Niles said he and new CEO Andrew Harmening “decided this year was the right time” to retire, a decision that will not only allow him to “take care of his personal business” and ” interests of his family”, but also to continue to sit on several boards of directors.

He will remain in the role until the new chief financial officer is hired, the company said.

Del Moral-Niles is just the second chief financial officer in Associated history, having joined the company in 2010 as Corporate Treasurer. At the time, Associated was plagued by struggling commercial real estate loans and construction, and faced a shrinking capital base.

As part of efforts led by former CEO Philip Flynn and with the help of Del Moral-Niles, the company raised capital, exited the federal Troubled Asset Relief program and improved its rating profile. In its press release Thursday, the company highlighted Del Moral-Niles’ involvement in the company’s transition to the New York Stock Exchange, the completion of two acquisitions and the sale of an insurance brokerage business.

“Chris has been an instrumental member of our management team, strengthening our balance sheet and growing it by more than 50% during his tenure, which has contributed significantly to our growth,” Harmening said in the statement.

Del Moral-Niles’ retirement announcement comes a year after longtime colleague Flynn announced his own plans to to resign. Flynn retired in April when Harmening came on board.

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