Douglas Timmerman will step down this year as chairman and chief executive of Anchor BanCorp Wisconsin Inc. after 17 years as the bank's leader, the company said Monday.
Timmerman, 68, is to remain a director on the board of Anchor BanCorp, the Madison parent company of AnchorBank, and provide consulting services for the rest of his employment agreement. Timmerman will step down as chairman and CEO in the third quarter of 2009, the company said.
"This is a completely voluntary move on Doug's part to transition himself out of his current role," Anchor spokeswoman Liz Boelter said.
In connection with the move, Anchor said it has created the position of lead director and appointed David L. Omachinski, a member of the board since 2002, to fill that role.
Anchor described the lead director as an outside independent director who will provide regular reports to the board and "actively review management and the ongoing operations of the company."
Omachinski, a certified public accountant and former OshKosh B'Gosh Inc. president, runs a management consulting practice. He will consult with and assist management in daily operations and short- and long-term goals and strategy, the company said.
"The role of lead director is becoming more common in corporate America, as companies seek to use all of the talent available to them in dealing with today's difficult economic situation," Timmerman said in a statement.
"The addition of a lead director, and in particular of David with his extensive background and experience, will bring a fresh perspective and valuable hands-on support to our management team as we seek to deal with the challenges faced by ABCW and our industry."
Like many banks, Anchor has struggled in the past year with loan delinquencies as the housing market slump has dragged on and the economy has weakened.
Through the first nine months of 2008, the most current figures available from regulators, Anchor posted a loss of $8.6 million. Its stock price closed down 5 cents Monday, at $2. Its 52-week high is almost $22.
Anchor has undergone major growth during Timmerman's tenure. The bank has expanded from 16 offices in south-central Wisconsin to 76 branches in 62 communities across Wisconsin.
With assets of about $4.9 billion, Anchor is the fourth-biggest bank based in Wisconsin.