Feb. 11, 2020

Sioux Falls-based Great Western Bancorp Inc. has named Mark Borrecco to serve as the successor to retiring CEO Ken Karels.

Borrecco has more than 20 years of banking experience, most recently serving as the CEO of Rabobank NA in Roseville, Calif., until it was sold to another bank last year.

“I am truly honored to lead such an extraordinary organization as its chief executive officer,” Borrecco said in a news release. “I look forward to continuing to work closely with our senior leadership team, board of directors and all employees of Great Western.”

Late last year, Karels announced his intention to retire as president and CEO once a successor was appointed. He will transition into a role as special adviser on March 9 to assist in the transition of duties to Borrecco and will continue to serve as chair of the board until Oct. 2, his retirement date.

“It has been a privilege to lead the organization for the past 10 years and through its initial public offering,” Karels said. “I am proud of the organization that we have built and believe Mr. Borrecco is the right person to lead us into the future. We engaged in an extensive search for my successor and with his extensive banking background and leadership experience, Mark should contribute well to the overall growth of the organization.”

Borrecco was the executive vice president and chief retail banking officer for Rabobank from 2011 until becoming CEO in 2015. He had served on the Pacific Coast Banking School Board and the Greater Sacramento Economic Council and chaired the food and ag innovation committee. He is a graduate of California State University.

“This appointment is part of an orderly succession plan that we have had in place,” said Tom Henning, Great Western’s lead independent director noted. “The Board thanks Mr. Karels for his years of service to Great Western. He has contributed greatly to Great Western’s success as we have achieved both record revenue and earnings through his tenure. We are also excited with the appointment of Mark and look forward to working with him to continue to grow the organization. Mark is a proven leader who brings his strong commercial banking experience and leadership to Great Western. The board is confident that we have chosen the right strategic leader for Great Western and expect a smooth transition.”

Great Western Bank serves its customers through more than 170 branches in nine states: Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota.