Executive Succession

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1st Source Corporation Announces Executive Succession Plan
Newsfileยท 2025-07-24 21:46
Core Viewpoint - 1st Source Corporation announces a leadership transition, with Christopher J. Murphy III stepping down as CEO to become Executive Chairman, while Andrea Short is promoted to CEO and President, and Kevin Murphy becomes President of 1st Source Bank. This transition is part of a long-term succession strategy aimed at ensuring the company's future success and stability [1][2][4][15]. Leadership Changes - Christopher J. Murphy III will transition from CEO to Executive Chairman effective October 1, 2025, after 50 years in leadership roles [1]. - Andrea Short, previously President of 1st Source Corp and CEO of 1st Source Bank, will take over as CEO and President of 1st Source Corp while retaining her role as CEO of 1st Source Bank [2]. - Kevin Murphy, the current Chief Digital Officer, will become President of 1st Source Bank, marking the fourth generation of Morris family leadership since 1931 [2][12]. Leadership Qualifications - Andrea Short has a strong track record in managing day-to-day operations and is recognized for her commitment to the company's values and long-term performance [5][6][8]. - Kevin Murphy has extensive experience in IT and community banking, having held various roles within the organization since 2004, which positions him well for his new role [10][11][12]. Succession Strategy - The leadership transition is part of a multi-year succession strategy designed to prepare the company for a strong future, with each officer having gained relevant experience for their new roles [4][15]. - Chris Murphy emphasized the importance of this succession plan for the future of 1st Source Corporation, aiming to build value for shareholders while maintaining independence and strong capital reserves [15]. Company Overview - 1st Source Corporation, the parent company of 1st Source Bank, has assets totaling $9.1 billion and operates 78 banking centers, 18 specialty finance locations, nine trust and wealth advisory services locations, 10 insurance offices, and three loan production offices [18].