- Push-out Score suggests push-out forces
- After almost 12 years in the position
- Accolades, praise and thanks for Turner
- Rodger Levenson taking over
- Turner will remain as Executive Chairman at WSFS Financial
- Turner spoke at length and said 147 words
(exechange) — Wilmington, Delaware, July 11, 2018 — Mark Turner, chief executive of WSFS Financial, leaves his post. His departure is made public at an early stage. As announced by WSFS Financial Corporation in a news release and in a regulatory filing published on Wednesday, July 11, 2018, Mark A. Turner leaves his post as Chief Executive Officer at the parent company of WSFS Bank after almost 12 years in the role, effective January 1, 2019.
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 38 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.
Turner’s duties will be taken over by Rodger Levenson, currently Chief Operating Officer of WSFS Financial Corporation.
“Thoughtful, deliberate, and continual Board and executive management succession planning process”
Turner’s departure from the CEO post is explained as follows. Lead Independent Director Eleuthère I. du Pont said: “This transition is part of our thoughtful, deliberate, and continual Board and executive management succession planning process.”
Turner will remain as Executive Chairman at WSFS Financial
Effective January 1, 2019, Mark A. Turner, Chairman, President and CEO, will become the Executive Chairman of the Boards of Directors of each of WSFS and WSFS Bank.
As Executive Chairman, Turner will lead the Board of Directors with Lead Independent Director Eleuthère I. du Pont and facilitate the seamless transition to Levenson.
“He will also leverage his decades of experience in and knowledge of local markets and the banking industry to serve as an external champion for the Company, further enhance WSFS’ culture and reputation, and help shape the next chapter of the Bank’s growth story,” WSFS Financial said.
Share price rise since September 2011
The change follows a rise in the share price of WSFS Financial Corporation since September 2011.
In the position of CEO since 2007
Mark A. Turner, has been the President, Chief Executive Officer and a Director of both WSFS Financial Corporation and WSFS Bank since 2007.
In July 2017, Turner was also elected Chairman of the Board of WSFS.
Turner was previously both the Chief Operating Officer and the Chief Financial Officer of WSFS.
Prior to joining WSFS in 1996, he worked at CoreStates Bank, Meridian Bancorp and at the international professional services firm of KPMG, LLP.
WSFS is a multi-billion dollar, publicly-traded financial organization (NASDAQ:WSFS), the largest bank and trust company headquartered in Delaware and the Delaware Valley, and the 7th oldest bank in the U.S.
Turner is privileged to be leading a Company that has been named by an independent survey as a “Top Workplace” in its home market for the last 12 years in a row (with special recognitions for the Company’s leadership, ethics, and career development), and has also been voted as the “#1 Bank” in its home market for seven years in a row.
Turner received his MBA from the Wharton School of the University of Pennsylvania, his Master’s Degree in Executive Leadership from the University of Nebraska-Lincoln, and his Bachelor’s Degree in Accounting and Management from LaSalle University.
Among other executive leadership programs, Turner has studied at National Training Labs, Aspen Institute, Gallup University, Toyota University, Center for Creative Leadership, Harvard University, UC Berkeley, Stanford University and Buckley School for Public Speaking.
Turner is also a frequent guest speaker at Wharton’s Executive Education programs.
Turner is an active leader in his communities.
Among other activities, he has served as: Chairman of the Board of Delaware Business Roundtable (DBRT); a member of the U.S. Federal Reserve Board’s Advisory Council (FAC); Chairman of the Board of Delaware Bankers Association (DBA); a member of the Executive Committee of the Board of Delaware State Chamber of Commerce (DSCC); a member of the board of First State Innovation (FSI); a member of the local Board of Teach For America (TFA), Delaware; and a founding member of both Delaware Talent Live (DTL) and Wilmington Leaders Alliance (WLA).
Turner is a lifelong native of the Delaware Valley area.
He is married to Regina, VMD, PhD, and they have two daughters.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Mark Turner’s 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 29.2018 ($).