Dive Brief:
- Old National Bank named its interim CFO, John Moran, to the post permanently, effective Aug. 31, the Evansville, Indiana-based lender said in a filing Wednesday.
- Moran succeeds Brendon Falconer, with whom the bank came to a mutual separation agreement Aug. 28, the bank said. Falconer was arrested in March on two child molestation charges. The bank put him on administrative leave.
- Falconer’s departure from Old National “was not related to any disagreement with respect to the Company’s financial reporting or condition, operations, policies or practices,” the bank said Wednesday.
Dive Insight:
As part of his appointment, Moran will get 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.
Moran on Sept. 1 received a one-time $400,000 restricted stock award, which will vest in equal amounts over three years.
Falconer, meanwhile, will receive a cash payment of $2,645,552. That accounts for twice his 2024 salary, his prorated target bonus for this year and the value of certain executive benefits.
Falconer’s outstanding restricted stock awards will vest on a prorated basis as of Aug. 31, the bank said. His outstanding performance share units will be earned on a prorated basis after the performance period ends, depending on how the company measures against its goals.
Falconer continues to be bound by a post-employment non-competition, non-solicitation, non-disclosure and non-disparagement agreement, the bank said.
Before becoming interim CFO, Moran served as Old National’s chief strategy officer. He joined the bank — for the second time — in 2021, according to his LinkedIn profile. He was Old National’s director of corporate development and strategy from 2017 to 2019, then left to become CFO at Norwich, New York-based NBT Bank.
Falconer joined Old National in 2009 and began his CFO stint in 2019, according to his LinkedIn profile.
Falconer sold 49,375 Old National shares, worth slightly more than $800,000 in late April, days before a court hearing in his case.
