Magazine article American Banker

Ebert Drops Anchor - for Now - at Lincoln Financial in Indiana

Magazine article American Banker

Ebert Drops Anchor - for Now - at Lincoln Financial in Indiana

Article excerpt

Douglas E. Ebert, veteran New York banker and erstwhile chief executive of the failed Southeast Banking Corp., has been tapped to develop a strategic plan for an Indiana banking company.

Last week, Mr. Ebert was named president and chief executive of $2.4 billion-asset Lincoln Financial Corp., based in Fort Wayne. He replaces Paul O. Schirmeyer, a director, who had served as CEO since Feb. 14. Mr. Schirmeyer, in turn, replaced Robert J. Delaney Jr., who took early retirement.

Mr. Ebert, a onetime candidate to take the helm of the former Manufacturers Hanover Corp., doesn't plan to stay with Lincoln for long.

The 46-year-old executive said his mandate is only to develop a strategic plan for Lincoln, a process he estimates will take several months.

Mr. Ebert said his role was essentially that of a consultant. Lincoln - which lost $21.2 million last year - also has retained Goldman, Sachs & Co. to "review strategic alternatives," he said, including finding a possible buyer. If Lincoln's board decides to keep the company independent, a permanent chief executive will be hired.

"This is definitely an interim position for me," Mr. Ebert said. "That's one of the things that attracted me to it. It allows me to pursue some of the other things that I want to do." He declined to disclose his compensation package.

The wave of consolidation sweeping the banking industry has prompted an increasing number of displaced senior executives to accept temporary appointments. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.