Financial institution Old National appoints new Chief Financial Officer, following arrest of former CFO over child molestation allegations.
In a significant move, Old National Bank has announced the appointment of John Moran as its permanent Chief Financial Officer (CFO), effective from August 31. The news comes after the departure of Brendon Falconer, who was arrested on two child molestation charges in March.
Falconer's departure was mutual and not related to any disagreement about the company's financial reporting or condition. He sold 49,375 Old National shares, worth slightly over $800,000, in late April. Falconer's outstanding performance share units will be earned on a prorated basis after the performance period ends, and his outstanding restricted stock awards will vest on a prorated basis as of Aug. 31.
As for the cash payment upon Falconer's departure, it amounts to $2,645,552, which includes his 2024 salary, prorated target bonus for this year, and the value of certain executive benefits. No information was provided regarding Falconer purchasing licensing rights.
John Moran, the new CFO, succeeds Falconer. Prior to this role, Moran was the CFO at Norwich, New York-based NBT Bank. Before joining Old National as the permanent CFO in 2021, Moran had served as Old National's chief strategy officer.
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. In addition, Moran received a one-time $400,000 restricted stock award on September 1.
Despite extensive research, no records were found detailing Moran's employment history or previous roles at Old National Bank before his recent appointment as the permanent CFO. For more detailed information about Moran's employment history at Old National Bank, please provide additional context or check specialized professional databases or the bank's official releases.
It is worth noting that Falconer joined Old National in 2009 and began his CFO stint in 2019, according to his LinkedIn profile. The retail sector was not mentioned in the provided information.
The Old National Bank and Brendon Falconer separation agreement was finalised on August 28. The bank placed Falconer on administrative leave following his arrest in March. The specifics of the agreement have not been disclosed.
The business news is abuzz with the announcement by Old National Bank of John Moran's appointment as the permanent CFO, replacing Brendon Falconer. Despite Falconer's arrest on child molestation charges in March, his departure was mutual and unrelated to the bank's finance or business operation. The departure package for Falconer amounts to $2,645,552, while Moran's remuneration includes an annual salary of $600,000, bonuses, and long-term equity awards, adding to the overall finance aspect of the bank's management.
