1st Source Announces Leadership Transition with Andrea Short as New CEO and Christopher J. Murphy III as Executive Chairman

1st Source Corporation has announced an executive succession plan, effective October 1, 2025. Christopher J. Murphy III will step down as CEO to serve as Executive Chairman, while Andrea Short will become CEO and President of the Corporation, retaining her position as CEO of 1st Source Bank. Kevin Murphy will assume the role of President of 1st Source Bank, marking the fourth generation of Morris family leadership since 1931. The strategic leadership transition aims to ensure the company's continued growth and sustained success.

1st Source Corporation (SRCE) has announced a significant leadership transition effective October 1, 2025. After 50 years in leadership roles, Christopher J. Murphy III will step down as CEO to become Executive Chairman. Andrea Short, the current President of 1st Source Corp and CEO of 1st Source Bank, will become CEO and President of the Corporation while retaining her position as CEO of 1st Source Bank. Kevin Murphy, currently Chief Digital Officer and Executive Vice President, will assume the role of President of 1st Source Bank, marking the fourth generation of Morris family leadership since 1931 [1].

The strategic leadership transition aims to ensure the company's continued growth and sustained success. The announcement is part of a long-term, multi-year succession strategy designed to prepare the company for a strong, continuing future. Each officer has held various roles and gained experiences that prepare them well for their future challenges [1].

Andrea Short has distinguished herself as a strong leader in her previous roles, demonstrating significant capabilities to manage the day-to-day operations of 1st Source. She has a keen understanding of the actions required to achieve positive long-term performance for the company's stakeholders. Short is known for her strong relationships with colleagues throughout the bank, her commitment to their success, and her ability to ensure they are trained and focused on serving clients effectively and efficiently [1].

Chairman Murphy stated, "I have worked with Andrea since she arrived here in 1998 to take over management of our tax division and have supported her in every promotion since then. She has performed admirably in every role we have given her, living the company's values and reinforcing its commitment to clients. More importantly, she has demonstrated her belief in and commitment to our values, starting with Integrity and Teamwork" [1].

Kevin Murphy's new role is the result of his varied experiences, particularly in IT, community banking, and the digital space, which will be crucial for the bank's future success. He started his bank career in IT, eventually moving to Treasury Products and Services, and 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, and EVP and Chief Digital Officer in 2022 [1].

Chris Murphy commented, "Kevin has had increasing levels of responsibility and has served in multiple capacities across multiple divisions. He has developed a reputation for being a hands-on committed employee whose work ethic is prodigious. He also continues the Morris, Carmichael, Raclin, and Murphy family's engagement and their commitment to keeping the bank independent and serving its clients well" [1].

The ongoing leadership and guidance will ensure the continuing success and growth of 1st Source Corporation. Chris Murphy will continue as Executive Chairman, responsible for Board direction and oversight, management oversight for longer-term strategic direction, organizational development, and Executive Senior Management succession. Andrea Short will report to him and Kevin Murphy will report to CEO Short [1].

In closing, Chris Murphy emphasized the importance of this succession plan for the future of 1st Source Corporation: "Andrea and Kevin, along with Brett Bauer our CFO, have worked closely and will continue to work with an exceptional Executive Management Team and other Senior Leaders across the Bank, preparing new five-year aspirational goals and three-year operating and financial targets. 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. I believe this team can catapult 1st Source in exciting ways, assuring and continuing its future success" [1].

This leadership transition is designed to ensure the continuing success and growth of 1st Source Corporation, with a dedicated team ready to lead the company well into the future.

References:
[1] https://www.newsfilecorp.com/release/260003/1st-Source-Corporation-Announces-Executive-Succession-Plan
[2] https://www.stocktitan.net/news/SRCE/1st-source-corporation-announces-executive-succession-gw2fg3gucfrc.html