Editor’s note: Since publishing, Busey Bank has clarified that Robin Elliott was not fired and they are calling the change in leadership a “mutually agreed-upon” separation.

CHAMPAIGN, Ill. (WCIA) — Busey Bank is going through a change in leadership after a “mutually agreed-upon” separation with its President and CEO Robin Elliott.

In an SEC filing publicly available online, the company said that Elliott has transitioned into a consultative role on Monday. This role will last for the remainder of the year, at which point his employment by Busey Bank will end. Van Dukeman, current Chairman of the Bank, has been appointed to serve as President and CEO alongside his current position.

Busey Bank has reached an agreement with Elliott to pay him around $2 million in a severance package.

Dukeman released the following statement addressing the change in leadership at Busey Bank:

The mutually agreed-upon decision to part ways was not based on any misconduct nor does it represent a shift in Busey’s strategy, services or growth model. As it has for over 155 years, Busey remains committed to progress through partnerships, collaboration, leading for sustained growth, service excellence and the longevity of Busey and its Pillars—associates, customers, communities, and shareholders. We will continue building upon the strategic initiatives of the company and serving the communities where we live and work. We have talented, experienced and diverse leadership teams in various positions all across the company who continue to serve the needs of our community and customers every day. I extend our sincere gratitude to Mr. Elliott for his service to Busey over the past seventeen years. During his tenure, we have made progressive strides to advance our company and its offerings. We appreciate his innovative contributions and wish him the best in future endeavors.”

Van Dukeman, Chairman, CEO & President of First Busey Corporation and Busey Bank