First Merchants Corporation (NASDAQ: FRME) announced on October 1, 2026, that Chief Executive Officer Mark K. Hardwick will retire effective January 1, 2027. The company stated that Hardwick has served with the bank for 29 years. In a press release, Hardwick mentioned that his retirement will allow him to dedicate more time to consultative faith-based leadership.
As part of the company’s executive succession plan, Michael J. Stewart will assume the role of President and Chief Executive Officer, effective January 1, 2027. Stewart is the current President of First Merchants Bank and has been with the institution for more than 18 years. The company noted that Stewart’s background and business experience are detailed in the Definitive Proxy Statement on Schedule 14A filed with the SEC on April 3, 2026.
The Board of Directors, led by Chair Jean Wojtowicz, praised Hardwick’s leadership, highlighting 18 acquisitions during his tenure. Wojtowicz stated that Stewart is a seasoned leader who is ready to take First Merchants to the next level. Stewart emphasized the company’s strategy to build on its Midwestern strength through organic growth, deeper community relationships, and customer-centric products.
According to the press release, First Merchants Corporation has approximately $21 billion in assets and operates 126 locations across Indiana, Michigan, and Ohio. The company employs about 2,200 people and serves nearly 300,000 clients. Stewart is an active community leader, currently serving on the boards of the Indianapolis Neighborhood Housing Partnership, the Greater Indianapolis Progress Committee, and the Indy Chamber, among others.
