GREAT WESTERN BANCORP, INC. (NYSE:GWB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

0

GREAT WESTERN BANCORP, INC. (NYSE:GWB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On July 26, 2017, Great Western Bancorp, Inc. (the “Company”) appointed Michael Gough to the position of Executive Vice President and Chief Credit Officer. Mr. Gough, who is 56 years old, will be responsible for the overall direction and operations of the credit department, including loan and portfolio quality, and will oversee the Company’s commercial credit and collection policies, procedures, and processes ensuring appropriate mitigation of the risks inherent in any loan portfolio along the attainment of the Company’s lending objectives. Mr. Gough has been employed at Great Western Bank, a South Dakota state chartered bank and a wholly owned subsidiary of the Company (the “Bank”) for over 21 years, and Mr. Gough has served as the Bank’s Chief Credit Officer for the past 3 years. Prior to his appointment as the Bank’s Chief Credit Officer, Mr. Gough started and managed the Bank’s Strategic Business Services (“SBS”) which managed troubled assets and minimized the Bank’s loss exposure. Preceding his role as SBS manager for Bank, Mr. Gough served as the Executive Vice President of Credit for the Bank’s South Dakota charter which was thereafter merged with and the successor to the Bank’s Nebraska and Iowa charters.

On January 27, 2011, the Bank entered into an Employment Agreement (“Agreement”) with Michael Gough as the SBS General Manager, which Agreement was ratified upon Mr. Gough’s appointment as the Bank’s Chief Credit Officer. In accordance with its terms, the Agreement has automatically renewed for additional one year terms which continues until terminated. The Agreement may be terminated upon the death or disability of Mr. Gough, for cause (as defined in the Agreement), upon mutual written agreement between the Bank and Mr. Gough, or by either party without cause upon 180 days written notice to the other party.

The Agreement provided for an initial base salary of $200,000 per year, and all salary increases shall be at the sole discretion of the Bank’s President & CEO and Board of Directors. Mr. Gough’s current annual base salary is $255,000. Mr. Gough is entitled during each fiscal year to participate in the organization’s Short Term Incentive Plan with a target of 30% of his base salary and its Long Term Incentive Plan. Additionally, Mr. Gough is eligible to participate in the organization’s group health insurance, retirement plans, and other benefit plans and be entitled to reimbursement of travel and business expenses.

The Agreement provides that during the term of the Agreement or so long as Mr. Gough is an employee of the Bank and for a period of one year thereafter unless consented to by the Bank, Mr. Gough will not (i) compete or engage in any business or render any services to any business, person or entity that competes in the same business or profession of Bank in any county in which Bank maintains a branch office or facility at the time of termination of employment, or any county that is contiguous thereto; and (ii) solicit, aid or induce any current employee of Bank to leave such employment or retention or to accept employment with or render services to or with any other person, firm, corporation or other entity unaffiliated with Bank or its affiliates or to retain such employee, representative or agent, or take any action to assist or aid any other person, firm, corporation or other entity in identifying, hiring or soliciting any such employee, representative or agent.

The foregoing description of the Agreement with Mr. Gough is qualified in its entirety by reference to the Employment Agreement that is attached hereto as Exhibit 10.1 of this Current Report on Form 8-K, and is incorporated by reference into this Item 5.02.

Mr. Gough was not selected as Executive Vice President and Chief Credit Officer to any arrangement or understanding between him and any other person. There are no family relationships between Mr. Gough and any of the Company’s other directors or executive officers. Since the beginning of the Company’s last fiscal year, there has been no transaction or currently proposed transaction in which the Company was or is to be a participant and in which Mr. Gough or any of his immediate family members had or will have a direct or indirect material interest required to be disclosed under Item 404(a) of Regulation S-K.

Item 9.01.Financial Statements and Exhibits.

(d)Exhibits.

Exhibit No.

Description

10.1

Employment Agreement between Great Western Bank and Michael Gough


Great Western Bancorp, Inc. Exhibit
EX-10.1 2 employmentagreementgough….
To view the full exhibit click here

About GREAT WESTERN BANCORP, INC. (NYSE:GWB)

Great Western Bancorp, Inc. is a full-service regional bank holding company. The Company is the holding company of the Great Western Bank (the Bank). As of September 30, 2016, the Company served customers through 173 branches in various markets in Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota. The Company focuses on business and agribusiness banking, complemented by retail banking and wealth management services. The Company’s loan portfolio consists primarily of business loans, consisting of commercial and industrial loans (C&I), commercial real estate loans and agribusiness loans. The Company offers its business banking customers a focused range of financial products designed to meet the specific needs of their businesses, including loans, lines of credit, cash management services, online business deposit and wire transfer services, in addition to non-interest-bearing demand deposit and savings accounts, and corporate credit cards.