- 4 -
from Old National Bank in Evansville (Old National) to finance
his acquisition of sufficient shares of Peoples stock to maintain
control. Although decedent acquired small blocks of Peoples
stock over the years, he made his major purchases in response to
the 1957 takeover attempt.
Mark began his employment with Peoples as a teller in June
1972, following his graduation from college, and was employed by
Peoples until his admission to law school in 1974. Following
graduation from law school in 1977, Mark returned part-time to
Peoples, assisting in the trust department, where he did legal
work and handled collection matters. In the mid-1980's, he
became a part-time trust officer, a position he maintained until
he became president in 1991, after decedent's health started to
deteriorate. After Mark became president, decedent assumed the
honorary title of Chief Executive Officer (CEO), which was not
provided for in the bylaws. Mark's relationship with decedent
became increasingly tense and difficult because of their
differences of opinion on how Peoples should be managed. While
decedent had managed Peoples very conservatively, Mark wanted to
adopt a more progressive approach that was favored by younger
employees of Peoples.
At the time of his death, decedent was CEO and a director of
Peoples and the owner of 1,499 shares of Peoples common stock
(the estate shares), representing 49.97 percent of the shares
outstanding.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011