Webster Financial Corporation Announces CEO Succession
Chairman and Chief Executive Officer James C. Smith to Retire from Webster
and Become Non-Executive Chairman
President John R. Ciulla to Become Third CEO in Webster's 82-Year History
WATERBURY, Conn., September, 19, 2017 — Webster Financial Corporation (NYSE: WBS), the holding company for Webster Bank, N.A. and its HSA Bank division, announced today that James C. Smith, Chairman and Chief Executive Officer (CEO), following a distinguished career with Webster spanning more than four decades, will retire from Webster and transition to non-executive chairman. John R. Ciulla, President, will become the company's CEO and a member of the holding company's Board of Directors. Ciulla will succeed Smith, who has served as Webster's CEO since 1987, and will be the third CEO in Webster's 82-year history. These changes, effective January 1, 2018, reflect the culmination of a multi-year leadership succession planning process.
"It has been an honor to lead Webster and work with our community-minded, values-guided bankers as we've built Webster into the leading regional bank we are today," said Smith. "Over the past 10 years in particular, we've undertaken a transformation to position Webster for continued growth as a high-performing regional bank. We have successfully developed and implemented our strategic management framework, which invests capital and resources to support strategies that create value for our customers and shareholders."
"John has contributed greatly to our successful transformation based on his consistently high performance, strategic acumen and strong leadership skills," said Smith. "The Board and I are proud to select an internal candidate who understands well our business segments and who is a reliable steward of Webster's culture, which is centered on its values of responsibility, respectfulness, trustworthiness, citizenship and teamwork. We are confident that John is the ideal leader to advance Webster's mission of helping individuals, families and businesses achieve their financial goals."
"On behalf of the Board, I would like to thank Jim for his inspirational leadership, unrivaled integrity and extraordinary accomplishments during the past 30 years as CEO," said John J. Crawford, lead independent director of the Webster Board of Directors. "John is the natural choice to succeed Jim. He has been a key member of our executive management team for more than a decade, and his extensive experience with, and knowledge of, our businesses and the industry have prepared him to successfully lead and grow Webster. The Board looks forward to working with Jim, John and the leadership team to ensure a seamless transition to the benefit of all Webster stakeholders."
