Business

Pentagon CMO steps down from 1st Source Bank board

Lisa Hershman is the former CEO of The DeNovo Group and is now Chief Management Officer at the Pentagon. (photo courtesy: Dept of Defense)

SOUTH BEND, Ind. (Inside INdiana Business) — 1st Source Corp. (Nasdaq: SRCE) has announced Lisa Hershman has resigned from the 1st Source Bank and the corporation’s board of directors because of her position with the Pentagon.

Hershman, who is deeply rooted in Indiana business, is the new Chief Management Officer for the U.S. Department of Defense. The CMO is the third highest-ranking civilian position at the DoD.

She was confirmed by the U.S. Senate in December. Hershman served as acting CMO since December 2018.

President Trump nominated Hershman last July.

In the position, she’s unable to serve on any public or privately held company board.

1st Source says Hershman joined the boards in April 2018. It says she brought expertise in process management, innovation and redesign, and managing mergers and acquisitions.

“We congratulate Lisa on her very important new role serving our country,” says Chris Murphy, chairman and chief executive officer of 1st Source. “We look forward to a time when she may be able to return to lend her leadership skills and expertise to our boards.”

Hershman founded and served as chief executive officer of Indianapolis-based The DeNovo Group.

According to defensenews.com, as acting CMO, Hershman found nearly $5 billion in savings at the Pentagon by the end of fiscal 2018.

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