Great Western Bancorp shares gain for a third straight session on Wednesday, Mark Borrecco appointed as GWB’s next CEO

Great Western Bancorp Inc (GWB), the parent company of Great Western Bank, said earlier this week that Mark Borrecco had been appointed as the group’s next President and Chief Executive Officer, effective March 9th 2020.

Shares of Great Western Bancorp Inc closed higher for a third consecutive trading session in New York on Wednesday. The stock edged up 0.23% ($0.07) to $30.88, after touching an intraday high at $31.23, or a price level not seen since January 28th ($31.90).

Shares of Great Western Bancorp Inc have retreated 11.11% so far this year, following an 11.17% gain in 2019.

Having more than 20 years of banking experience, Mark Borrecco most recently was Chief Executive Officer of Rabobank, NA. He also was a member of the Board of Directors for Rabobank, NA between November 2014 and August 2019. Borrecco served as Executive Vice President and Chief Retail Banking Officer of Rabobank, NA between 2011 and 2015.

Last November Ken Karels announced that he would retire as Great Western Bancorp’s President and Chief Executive Officer. Karels will transition into his role as Special Advisor on March 9th in order to assist in the transition of duties to Mark Borrecco and will remain Chairperson of the Board until October 2nd 2020.

“It has been a privilege to lead the organization for the past 10 years and through its initial public offering. I am proud of the organization that we have built and believe Mr. Borrecco is the right person to lead us into the future,” Ken Karels said in a press release.

“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.”

Analyst stock price forecast and recommendation

According to CNN Money, the 7 analysts, offering 12-month forecasts regarding Great Western Bancorp Inc’s stock price, have a median target of $36.00, with a high estimate of $42.00 and a low estimate of $33.00. The median estimate represents a 16.58% upside compared to the closing price of $30.88 on February 12th.

The same media also reported that at least 4 out of 8 surveyed investment analysts had rated Great Western Bancorp Inc’s stock as “Hold”, while other 4 – as “Buy”.