On February 11, 2020, Great Western Bancorp, Inc. announced that as part of its succession planning, Mr. Mark Borrecco, has been named to succeed Mr. Karels as President and CEO of the Company and its wholly owned subsidiary Great Western Bank (the Bank") effective March 9, 2020, (the "Employment Commencement Date"). Mr. Borrecco will also join the Boards and Executive Committees of the Company and the Bank at that time. As a result of the addition of Mr. Borrecco to the Board, the Board size will be increased to nine directors.

Mr. Karels announced that he will transition from the Company's President and CEO into a non-executive employee role as Special Advisor to assist in the transition of duties to the new CEO until October 2, 2020, Mr. Karels' retirement date. Mr. Karels will also continue to serve on as Chairperson of the Board until his retirement. Thereafter, Mr. Karels will continue to consult with the Company until October 2, 2021.

Mark Borrecco has over 20 years of banking experience with most recently serving as the CEO of Rabobank, NA, based in Roseville, CA from November 2015 through the sale of Rabobank to Mechanics Bank in 2019. Mr. Borrecco also served on the Board of Directors for Rabobank, NA from November 2014 through August 2019. Prior to his CEO role he was the Executive Vice President and Chief Retail Banking Officer for Rabobank, NA from 2011 to 2015.