First Business Financial Services Appoints David R. Seiler as New CEO in Planned Succession
Summary
First Business Financial Services, Inc. has appointed David R. Seiler, previously President and COO, as its new President and CEO, effective May 3, 2026, completing a succession plan announced in May 2025.
Key Events
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New CEO Appointment
David R. Seiler, previously President and Chief Operating Officer, has been appointed President and Chief Executive Officer, effective May 3, 2026.
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Planned Succession
This appointment completes a succession plan for Corey A. Chambas, whose retirement was announced in May 2025, indicating a smooth and anticipated leadership transition.
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Board Appointment
Mr. Seiler will also join the Company's Board of Directors as a Class III Director, effective May 3, 2026.
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Executive Compensation Details
Mr. Seiler's employment agreement includes an annual base salary of $600,000 and a restricted stock unit grant with a target value of $215,000, vesting over five years.
Analysis
This 8-K formalizes the planned leadership transition, with David R. Seiler, a long-standing internal executive, stepping into the CEO role. The appointment of an internal candidate ensures continuity and leverages existing institutional knowledge, which is generally viewed positively by the market, especially given the company's stock is trading near its 52-week high. The compensation package, including a $600,000 base salary and a $215,000 RSU grant, appears standard for a CEO of a company of this size. This move provides clarity on the company's future leadership and minimizes uncertainty.
At the time of this filing, FBIZ was trading at $57.94 on NASDAQ in the Finance sector, with a market capitalization of approximately $483.4M. The 52-week trading range was $45.61 to $60.54. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.