Northwest Bancshares CEO Bill Wagner leaves abruptly

  • Push-out Score suggests push-out forces
  • After 17 years in the position
  • Accolades, praise and thanks for Wagner
  • Ron Seiffert taking over

(exechange) — Warren, Pennsylvania, June 22, 2018 — Bill Wagner, chief executive of Northwest Bancshares, leaves. It is an abrupt change. As announced by Northwest Bancshares, Inc. in a news release and in a regulatory filing published on Friday, June 22, 2018, William J. (Bill) Wagner has left his post as Chief Executive Officer at the bank holding company after 17 years in the role, effective June 20, 2018.

It is the end of an era.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.4 years, according to data compiled by exechange. Only 16 percent of the CEOs who departed over the past 12 months left the position after more than 15 years.

Wagner’s duties were taken over by Ronald J. (Ron) Seiffert, most recently President and Chief Operating Officer of Northwest Bancshares, Inc.

No reason given

In the announcement, Northwest Bancshares did not explicitly explain the obviously compelling reason for Wagner’s sudden move, leaving room for speculation.

Precise information about Wagner’s future plans was not immediately available.

“Succeeds”

Northwest Bancshares said: “Mr. Seiffert succeeds William J. Wagner.”

In the position of CEO since 2001

Seiffert succeeds William J. Wagner, who served as President of Northwest Bank from 1998 until 2017 and Northwest Bancshares, Inc. from 2003 until 2017.

He has also served as Chairman and CEO of both entities since 2003.

Wagner is a 34 year veteran of Northwest and will continue in the capacity of Executive Chairman until the fourth quarter of this year, at which time he will retire from both the role of Executive Chairman and as a member of the Board of Directors.

William J. Wagner was named President and Chief Executive Officer of Northwest Bank in August 1998, President and Chief Executive Officer of Northwest Bancshares, Inc. in June 2001 and Chairman of the Board of Northwest Bank and Northwest Bancshares, Inc. in July 2003.

Wagner was the Chief Financial Officer of Northwest Bank upon joining the bank in 1984 and was named Chief Operating Officer in 1996.

Wagner was appointed Executive Vice President in 1992 and was elected to the Board of Directors in 1994.

He serves on the Board of the Warren County Chamber of Business and Industry and the Advisory Board of the University of Pittsburgh at Bradford.

Wagner is a Certified Public Accountant and holds a BS degree in accounting from Indiana University of Pennsylvania.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Bill Wagner’s sudden move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 26.2018 ($).