- After 30 years on the job
- Accolades, praise and thanks for Smith
- Smith will remain as non-executive chairman at Webster
- Smith spoke at length and said 157 words
(exechange) — Waterbury, Connecticut, September 19, 2017 — Jim Smith, chief executive of Webster, hands over the reins. As announced by Webster Financial Corporation in a news release and in a regulatory filing published on Tuesday, September 19, 2017, James C. (Jim) Smith leaves the post as Chief Executive Officer at the holding company for Webster Bank, N.A. and its HSA Bank division after 30 years on the job, effective December 31, 2017.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, only 8 percent of the CEOs who departed over the past twelve months left after more than 20 years. Overall, the average tenure of those who left was 8.8 years, according to data compiled by exechange.
Smith’s duties are taken over by John Ciulla, currently President at Webster Financial Corporation.
“Culmination of a multi-year leadership succession planning process”
The management change is explained as follows. Webster said: “These changes, effective January 1, 2018, reflect the culmination of a multi-year leadership succession planning process.”
Smith will remain as non-executive chairman at Webster
“Following his retirement as Chief Executive Officer, Mr. Smith will continue to serve as non-executive Chairman of the Board and, at the request of the Board, will serve as an advisor to the Company,” Webster said.
Webster said: “James C. Smith, Chairman and Chief Executive Officer of the Company, plans to retire from his position as Chief Executive Officer effective December 31, 2017.”
Share price rise since February 2009
The change follows a rise in the share price of Webster Financial Corporation since February 2009.
On the job as CEO since 1987
James C. Smith is Chairman and Chief Executive Officer of Webster and Webster Bank.
Smith joined Webster Bank in 1975 and was appointed CEO of the bank and the holding company in 1987 and Chairman in 1995.
He was elected President, Chief Operating Officer and a director of Webster Bank in 1982 and of the holding company at its inception in 1986.
He served as President of Webster and Webster Bank until 2000, and again from 2008 through 2011. Smith serves as Vice Chairman of the Midsize Banks Coalition of America.
He is a past member of the board of directors of the American Bankers Association and served as co-chairman of the ABA’s American Bankers Council for midsize banks.
He is a past member of the board of directors of the Financial Services Roundtable. Smith served as a member of the Federal Advisory Council, which advises the deliberations of the Federal Reserve Board of Governors, and served on the board of directors of the Federal Reserve Bank of Boston.
He served on the board of directors of the Federal Home Loan Bank of Boston. He served on the executive committee of the Connecticut Bankers Association.
Smith is actively engaged in community service and supports numerous civic organizations including serving as General Chairman of the Hartford Bishops’ Foundation; serving on the Trinity Health-New England Strategic Planning Committee; and serving until very recently as a member of the board of Saint Mary’s Health System in Waterbury, Connecticut.
Smith is Chair of the Executive Committee.
Read the full story in the exechange report 39.2017 ($).