A top executive at Heartland Financial (HTLF) in Dubuque, Iowa, is leaving for a job in the manufacturing sector.

John Schmidt — Heartland's chief financial officer, chief operating officer and president of its Dubuque Bank and Trust subsidiary — will join water-pump manufacturer A.Y. McDonald Industries as CFO, Heartland said Monday.

Heartland Chairman and Chief Executive Lynn Fuller will succeed Schmidt as chief operating officer. Senior Vice President David Horstmann will be interim CFO while Heartland searches for a permanent replacement.

Schmidt, 54, has been CFO for 22 of his 28 years with Heartland, and has been president of Dubuque Bank and Trust for five years. He will remain on the boards of Heartland and Dubuque.

Schmidt "has superbly guided Heartland's financial and operating areas for several years with outstanding results," Fuller said in a news release. "Consistent with his management skills, he has developed a very strong team of individuals who will step in and continue Heartland's forward momentum."

Heartland Financial is a $4.9 billion-asset company with nine bank subsidiaries.

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