Webster Financial Corporation (NYSE: WBS) has announced the retirement of Glenn Macinnes, who has served as the company's Executive Vice President and Chief Financial Officer (CFO) for the past 13 years. Macinnes will continue to serve as the CFO until a successor is appointed, at which point he will transition to an advisory role to ensure a smooth handover.
During Macinnes' tenure, he led several initiatives aimed at improving profitability and operational efficiency. As a result of his efforts, Webster Financial Corporation has emerged as one of the best-performing regional banks in the nation, with strong financial footing and a well-positioned stance for long-term value creation.
John Ciulla, Chairman and CEO of Webster Financial Corporation, highlighted Macinnes' significant contributions, stating that the company is now well-positioned for long-term value creation as it continues to assist clients in achieving their goals.
Richard O’Toole, Lead Independent Director and Chair of the Nominating and Corporate Governance Committee, expressed gratitude for Macinnes' service and dedication to the company over the years and extended best wishes for his retirement. He also emphasized the importance of taking the necessary time to identify the right candidate to succeed Macinnes.
In reflecting on his time at Webster, Macinnes expressed pride in the accomplishments achieved during his tenure. He highlighted the company's transformation from the early stages of a network overhaul to its current position as a leading commercial bank with diverse businesses, a strong capital position, and a solid risk management framework.
Webster Financial Corporation has initiated a comprehensive search process to identify the next CFO and has retained Spencer Stuart, a leading executive search firm, to support this endeavor.
Webster Financial Corporation is the holding company for Webster Bank, N.A., and its HSA Bank division, and is a leading commercial bank in the Northeast. With over $70 billion in assets, the company provides a wide range of digital and traditional financial solutions across three differentiated lines of business: commercial banking, consumer banking, and its HSA Bank division.
As a result of these announcements, the company's shares have moved 0.9% on the market, and are now trading at a price of $50.0. For the full picture, make sure to review Webster Financial's 8-K report.
