- Push-out Score determined
- Jeff Jackson taking over
- Clossin kept it short and said 34 words
(exechange) — Wheeling, West Virginia, July 5, 2022 — This news came shortly after Independence Day. Todd Clossin, chief executive of Wesbanco, leaves his post. His departure is made public at an early stage. As announced by Wesbanco Inc. in a news release and in a regulatory filing published on Tuesday, July 5, 2022, Todd F. Clossin leaves his post as chief executive officer at the bank holding company, after almost 10 years in the role, effective January 1, 2024.
Todd Clossin’s duties as CEO will be taken over by Jeffrey H. (Jeff) Jackson, most recently Executive Vice President and Chief Operating Officer of Regional Banking at First Horizon Bank.
Wesbanco announced the hiring of Jeffrey H. Jackson as Senior Executive Vice President and Chief Operating Officer of Wesbanco, Inc. and President and Chief Operating Officer of Wesbanco Bank, its banking subsidiary, effective August 15, 2022.
No reason given
In the announcement, Wesbanco did not explicitly explain the reason for the move.
Precise information regarding Todd Clossin’s future plans was not immediately available.
“Retirement”
Wesbanco said: “Mr. Clossin, age 60, also announced his anticipated retirement date of January 1, 2024.”
Wesbanco further said: “Todd F. Clossin, the Company’s current President and Chief Executive Officer, has announced his intention to retire from those positions with an anticipated retirement date of January 1, 2024.”
Share price decline since July 2017
The announcement follows a decline in Wesbanco Inc.’s share price of 21% since July 2017.
In the position of CEO since 2014
Todd Clossin became CEO of the Company in 2014.
Clossin will retire from Wesbanco with approximately 10 years of service and a 40 year financial services career with 25 years as a bank president.
As Senior Executive Vice President & Chief Operating Officer, Jackson will begin the transitional phase of a change in the executive management at Wesbanco.
He will be working with Clossin, and it is anticipated, succeeding Clossin upon his retirement.
When Jackson becomes President and CEO, he will enter into a new 3-year revolving term employment agreement.
Clossin will remain as a member of the Board of Directors of Wesbanco, and the Executive Committee of the Board, upon his retirement.
Clossin has served as a member of the Board of Directors of the Corporation since 2014.
He is currently President and Chief Executive Officer of the Corporation.
Clossin is also a member of the Executive Committee of the Board, the Enterprise Risk Management Committee, the Marketing Committee, the Asset/Liability Management Committee, the Disclosure Committee of the Corporation and the Executive Loan Committee and Trust Committee of the Bank.
Clossin formerly served as Executive Vice President and Chief Administrative Officer for Fifth Third Bank. At Fifth Third, Clossin served in many retail and commercial capacities and was most recently responsible for strategic planning, marketing, customer experience, distribution strategies, sourcing, facilities, sustainability, social media, and analytics.
His career with Fifth Third also included serving as President and Chief Executive Officer, Fifth Third Bank Midwest and Midsouth Regions from 2010 to 2011, President and Chief Executive Officer, Fifth Third Bank Midwest and Florida Regions from 2009 to 2010, President and Chief Executive Officer, Fifth Third Bank Midwest Region from 2006 to 2009, President and Chief Executive Officer, Fifth Third Bank North Ohio Region from 2005 to 2006 and President and Chief Executive Officer, Fifth Third Bank Tennessee from 2002 to 2005.
In his 37 year banking career, Clossin also served in various capacities with Key Bank and Society Bank in Columbus, Dayton, Cleveland, and Canton.
Clossin is a graduate of Mount Union College where he received a B.A. in Business Administration and a graduate of Akron University where he received an MBA.
He is also a graduate of the Darden School of Business Advanced Commercial Lending Program, Weatherhead School of Business Executive Leadership Program, Center of Creative Leadership’s Leadership at the Peak Program and Stanford University’s Strategy and Organization Program.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Todd Clossin’s move on a scale of 0 to 10.
exechange reached out to Wesbanco and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 28.2022 ($).