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Posted 29 September, 2022

MidWestOne Financial Group, Inc. appointed new CEO

CEO Change detected for ticker Nasdaq:MOFG in a 8-K filed on 29 September, 2022.


  As previously disclosed on August 12, 2022, MidWestOne Financial Group, Inc. (the "Company") announced that it implemented the Company's established succession plan, pursuant to which Len D. Devaisher will serve as the interim Chief Executive Officer of the Company and MidWestOne Bank (the "Bank"), effective August 12, 2022, until further notice  

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Overview of MidWestOne Financial Group, Inc.
Financial Services • Banking
MidWestOne Financial Group, Inc. is a financial holding company, focuses on delivering relationship-based business and personal banking products and services through its bank subsidiary, MidWestOne Bank. The Bank provides commercial loans, real estate loans, agricultural loans, credit card loans, and consumer loans. It also provides deposit products including demand and interest checking accounts, savings accounts, money market accounts, and time deposits. The Bank also provides products and services including treasury management, Zelle, online and mobile banking, debit cards, ATMs, and safe deposit boxes. It offers its products and services primarily through its full-service branch network, including 34 branches located throughout central and eastern Iowa, 13 branches located principally in the Minneapolis-St. Paul metropolitan area of Minnesota, seven branches in western Wisconsin, one branch in each of Naples and Fort Myers, Florida, and one branch in Denver, Colorado. MidWestOne Financial Group was founded in 1983 and is headquartered in Iowa City, IA.
Market Cap
$610M
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MidWestOne Financial Group, Inc. by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously disclosed on August 12, 2022, MidWestOne Financial Group, Inc. (the "Company") announced that it implemented the Company's established succession plan, pursuant to which Len D. Devaisher will serve as the interim Chief Executive Officer of the Company and MidWestOne Bank (the "Bank"), effective August 12, 2022, until further notice


In recognition of Mr. Devaisher's role as interim Chief Executive Officer of the Company and the Bank and the associated increase in his responsibilities, on September 27, 2022, the Compensation Committee of the Board of Directors of the Company, revised Mr. Devaisher's Amended and Restated Employment Agreement dated March 8, 2022 (the "Employment Agreement"), pursuant to a letter agreement (the "Letter Agreement"), attached hereto as Exhibit 10.1. The Letter Agreement provides that for the time period commencing August 12, 2022 through the last date on which Mr. Devaisher serves as interim Chief Executive Officer of the Company and the Bank, Mr. Devaisher will be entitled to an additional monthly stipend (pro-rated for any partial month) in the amount of $7,041.67. In addition, the Letter Agreement provides that, with respect to Mr. Devaisher's incentive bonus opportunity for the calendar year ending December 31, 2022, the Compensation Committee of the Board will apply the incentive bonus provisions of Section 3(b) of the Employment Agreement as if Mr. Devaisher's "Annual Base Salary" (as defined in the Employment Agreement) was $495,000.