Chris Murphy III will step down from his CEO role effective Oct. 1., after 50 years in leadership of 1st Source Corp. and subsidiary 1st Source Bank.
During his tenure, Murphy served as president, chairman and CEO. He will become executive chairman.
Andrea Short, 1st Source Corp. president and 1st Source Bank CEO, will become CEO and president of 1st Source Corp. She will retain the title of 1st Source Bank CEO.
Kevin Murphy, 1st Source Corp. and 1st Source Bank chief digital officer and executive vice president, will become president of 1st Source Bank. He represents the fourth generation of family leadership since 1931.
The announcement is part of a long-term strategy for succession at 1st Source.
Short has managed the day-to-day operations of 1st Source. A CPA, Short earned her degree in accounting from Alma College. She received training at the University of Chicago in strategy development, Northwestern University in marketing and the Harvard Business School in their advanced management program.
“I am honored to be promoted to CEO of 1st Source Corp. and excited about the opportunity to continue to focus on the success of our neighbors, our colleagues, our clients and our shareholders.” Short said in a press release. “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.”
Kevin Murphy brings experience in IT, community banking and the digital space to his new role. He started his bank career in IT. He was promoted to regional president of the Central Region in 2017, chief information officer in 2019, group head of IT, electronic banking, marketing and digital strategy in 2020. He became executive vice president and chief digital officer in 2022.
Kevin Murphy earned bachelor’s degrees in political science from Wittenberg University and information technology from DeVry University. He earned an MBA from the University of Notre Dame.
“For me, this transition is a dream come true, ensuring long-term view to building value for our shareholders by remaining independent with strong capital reserves and substantive earnings growth serving clients in a uniquely personal and local way,” Chris Murphy said. “I believe this team can catapult 1st Source in exciting ways, assuring and continuing its future success.”
