1st Source Corporation announced that after 50 years in successive leadership as President, Chairman and/or CEO of the corporation and its subsidiary 1st Source Bank, effective October 1, Christopher J. Murphy III, will step down from his CEO role and become Executive Chairman of the corporation and the bank.
Simultaneously, Andrea Short, President of 1st Source Corp and CEO of 1st Source Bank, will become CEO and President of 1st Source Corp and retain the title of CEO of 1st Source Bank.
Kevin Murphy, now Chief Digital Officer and Executive Vice President of 1st Source Corp and 1st Source Bank, will become President of 1st Source Bank.
Upon the announcement Mr. Murphy said “I could not be more pleased nor more excited to turn the CEO role over to a Servant Leader who has demonstrated time and again her commitment to the values of the company and who has shown a deep understanding of the financial and operating dynamics that lead to long term sustained success for the benefit of our colleagues, our clients, our communities, the markets we serve, and our shareholders. She has been a full partner in the continuing high performance of the company. I am also very pleased that Kevin Murphy represents the fourth generation of Morris family leadership since 1931, committed to 1st Source’s independence and delivering on its Mission of helping our clients achieve security, build their wealth, and realize their dreams.”
This announcement is part of a long-term, multi-year strategy for succession at 1st Source, designed to prepare the company for a strong, continuing future. Each officer has held various roles and gained experiences that prepare them well for their future challenges.
Short has distinguished herself as a strong leader in her previous roles, demonstrating significant capabilities to manage the day-to-day operations of 1st Source, with a keen understanding of the actions required to achieve positive long-term performance for the company’s stakeholders.
She is known for her strong relationships with colleagues throughout the bank, her commitment to their success, and her ability to ensure they are trained and focused on serving clients effectively and efficiently.
Andrea, a CPA, is a graduate in accounting from Alma College and has received further relevant training at the University of Chicago in strategy development, Northwestern University in Marketing, and the Harvard Business School in their Advanced Management Program.
She has been a strong performer for the whole of her career at the company and has been an important contributor to 1st Source’s continuing success.
Chairman Murphy stated, “I have worked with Andrea since she arrived here in 1998 to take over management of our tax division and have supported her in every promotion since then. She has performed admirably in every role we have given her, living the company’s values and reinforcing its commitment to clients. More importantly, she has demonstrated her belief in and commitment to our values, starting with Integrity and Teamwork.”
In response to the Board’s action, Short stated: “I am honored to be promoted to CEO of 1st Source Corporation and excited about the opportunity to continue to focus on the success of our neighbors, our colleagues, our clients and our shareholders.” said Short, “I have had the pleasure of working with a great team here throughout my career and the privilege to learn from great leaders, especially Chris Murphy. I look forward to continuing the long commitment to our Board along with the Morris, Carmichael, Raclin, and Murphy families. I am excited to lead our team as we continue to serve our clients and communities well.”
