Associated announces CFO’s retirement and search for successor

Associated Banc-Corp in Green Bay, Wisconsin, is looking for its next chief financial officer.

The $35 billion-asset company announced this week that CFO Christopher Del Moral-Niles, who has held the post since 2012, plans to retire this year. Associated has hired the search firm Diversified Search Group to help find its next CFO, the company said a press release.

Del Moral-Niles said that he and new CEO Andrew Harmening “decided that this year is an opportune time” to retire, a move that will allow him to not only “attend to personal matters” and his “family’s interests,” but also to continue serving on several boards.

He will remain on the job until the new CFO is hired, the company said.

Del Moral-Niles is only the second CFO in Associated’s history, having joined the company in 2010 as corporate treasurer. At the time, Associated was encumbered with troubled commercial real estate and construction loans, and it was dealing with a shrinking capital base.

In efforts led by former CEO Philip Flynn and with Del Moral-Niles’ help, the company raised capital, exited the federal Troubled Asset Relief Program and improved its ratings profile. In its press release Thursday, the company highlighted Del Moral-Niles' involvement in transitioning the company to the New York Stock Exchange, completing two acquisitions and selling an insurance brokerage business.

“Chris has been an instrumental member of our leadership team, strengthening our balance sheet and expanding it by over 50% during his tenure, which contributed meaningfully to our growth,” Harmening said in the release.

Del Moral-Niles’ retirement announcement comes one year after his longtime colleague Flynn announced his own plans to step down. Flynn retired in April when Harmening came on board.