Veteran CEO retiring from Great Western in South Dakota

Great Western Bancorp in Sioux Falls, S.D., will soon have a new CEO.

The $12.8 billion-asset company said in a press release Tuesday that Mark Borrecco will also become its president on March 9. He will succeed Ken Karels, who is retiring.

Karels, who led Great Western through its spinoff from National Australia Bank, will remain its chairman until Oct. 2. He will be a special adviser as a nonexecutive employee to assist in the transition.

Borrecco recently served as CEO of Rabobank's U.S. bank, which was sold last year to Mechanics Bank.

“It has been a privilege to lead the organization for the past 10 years and through its initial public offering,” Karels said in the release.

“I am proud of the organization that we have built and believe … Borrecco is the right person to lead us into the future,” Karels added.

Great Western has been dealing with some credit issues tied to its dairy and cattle loan portfolios. It has also been working through a case of borrower fraud.