- Push-out Score determined
- After 10 years in the position
- Praise for Wenger
- Curt Myers taking over
- Wenger said 91 words
(exechange) — Lancaster, Pennsylvania, March 16, 2022 — Phil Wenger, chief executive of Fulton, leaves his post. His departure is made public at an early stage. As announced by Fulton Financial Corp. in a news release and in a regulatory filing published on Wednesday, March 16, 2022, E.Philip (Phil) Wenger leaves his post as chief executive officer at the financial services holding company, after 10 years in the role, effective December 31, 2022.
It is a long goodbye. The announcement of Phil Wenger’s move comes up to 10 months prior to his planned departure from the post of CEO.
In general, a top executive who announces the departure particularly early may be considered a lame duck.
Phil Wenger’s duties as CEO will be taken over by Curtis J. (Curt) Myers, currently president and chief operating officer at Fulton Financial Corp.
No reason given
In the announcement, Fulton did not explicitly explain the reason for the move.
Precise information regarding Phil Wenger’s future plans was not immediately available.
Fulton said: “E. Philip Wenger, chairman and chief executive officer of the Corporation (NASDAQ: FULT), has informed the board that he will retire on December 31, 2022 after 43 years of service to the company.”
Share price increase since January 2013
The announcement follows an increase in Fulton Financial Corp.’s share price of 73% since January 2013. January 2013 is the month in which Wenger’s tenure as CEO began.
In the position of CEO since 2013
Phil Wenger became CEO of the Company in 2013.
After he retires, Wenger will continue to serve as a director of the Corporation and its banking subsidiary, Fulton Bank, N.A.
Wenger became Chairman of the Board and Chief Executive Officer of Fulton Financial Corporation effective on January 1, 2013.
He also served as President from 2008 to 2017, and Chief Operating Officer of Fulton Financial Corporation from 2008 to 2012.
Wenger was a director of Fulton Bank from 2003 to 2009, Chairman of Fulton Bank from 2006 to 2009 and has been employed by Fulton in a number of positions since 1979.
He rejoined the Fulton Bank board as a director in 2019.
In addition, Wenger currently serves on the Board of Directors for the Pennsylvania Chamber of Commerce and as a member of the Penn State Harrisburg Board of Advisers.
Wenger is also a member of the Operation HOPE Global Board of Advisors, a global financial dignity and economic empowerment nonprofit corporation. He is a past chair of the Lancaster Chamber of Commerce, past chair of the Advisory Board of Stonier Graduate School of Banking, past member of the American Bankers Association board of directors, past chair of the Economic Development Company of Lancaster County, a former board member of the Lancaster County YMCA Foundation and Crispus Attucks Community Center.
Since 2019, he has been a director of Burnham Holdings, Inc., the parent company of fourteen subsidiaries that are leading domestic manufacturers of boilers and related HVAC products and accessories (including furnaces, radiators and air conditioning systems), for residential, commercial and industrial applications.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Phil Wenger’s move on a scale of 0 to 10.
exechange reached out to Fulton and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 12.2022 ($).