Alerus Financial CEO Randy Newman to retire; CFO Katie Lorenson named successor effective Jan 1, 2022

ALERUS FINANCIAL CORP

Randy Newman retires as Pres/CEO Jan 1, 2022; will be Executive Chairman until 2022 annual meeting.
Katie A. Lorenson (current EVP/CFO) named President & CEO effective Jan 1, 2022; also joins Board. Base salary $550,000, bonus target 50% of base.
Newman had been with Alerus since 1981, became CEO in 1995; grew net income from $5.1M (1995) to $44.7M (2020).
Company will conduct a search for a new CFO, considering both internal and external candidates.

item 5.02 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Katie A. Lorenson

Director

ALRS · ALERUS FINANCIAL CORP

Effective: 2022-01-01
Filed: September 20, 2021, 7:59 PM ET

appointed Katie Lorenson as a director to fill the vacancy created by this increase.

Appointed

Katie A. Lorenson

President and Chief Executive Officer

ALRS · ALERUS FINANCIAL CORP

Effective: 2022-01-01
Filed: September 20, 2021, 7:59 PM ET

Katie A. Lorenson, will become the new President and Chief Executive Officer of the Company.

Role change

Randy L. Newman

President and Chief Executive Officer

ALRS · ALERUS FINANCIAL CORP

Effective: 2022-01-01
Successor: Katie A. Lorenson
Filed: September 20, 2021, 7:59 PM ET

Randy L. Newman will retire from his roles as President and Chief Executive Officer of the Company.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Katie A. Lorenson was appointed as Director at ALERUS FINANCIAL CORP.

Action: appointed
Role: Director

Exact text from the filing

appointed Katie Lorenson as a director to fill the vacancy created by this increase.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Katie A. Lorenson was appointed as President and Chief Executive Officer at ALERUS FINANCIAL CORP.

Action: appointed
Role: President and Chief Executive Officer

Exact text from the filing

Katie A. Lorenson, will become the new President and Chief Executive Officer of the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Randy L. Newman retired as President and Chief Executive Officer at ALERUS FINANCIAL CORP.

Action: retired
Role: President and Chief Executive Officer

Exact text from the filing

Randy L. Newman will retire from his roles as President and Chief Executive Officer of the Company.

View on SEC.gov

ALERUS FINANCIAL CORP filing history →

Source: SEC EDGAR

accession 0001104659-21-117361

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