Timeline reflects strong progress in
transitioning successor to role
WHEELING, W.Va., May 16, 2023
/PRNewswire/ -- Wesbanco, Inc. (Nasdaq: WSBC), a diversified,
multi-state bank holding company, announced today that Chief
Executive Officer Todd F. Clossin
will be retiring as President and CEO, effective August 1, 2023. As planned, Senior Executive Vice
President and Chief Operating Officer Jeffrey H. Jackson will succeed him as President
and CEO. Previously, Mr. Clossin had announced an anticipated
retirement date of January 1, 2024.
The August 1 transition date reflects
Mr. Jackson's timely and successful acclimation to the business and
aligns with his first anniversary with the company.
"The executive management team and I have worked closely with
Jeff in every aspect of the business for nearly a year, and he is
well-prepared to take the helm. With him and the company in a
strong position, I have decided the time is right to retire," said
Mr. Clossin. "It has been a privilege and an honor to lead this
organization for the past ten years, and I am confident that
Wesbanco will continue to thrive under Jeff's leadership."
"I am honored to lead Wesbanco, and I look forward to succeeding
Todd in August and building on the impressive foundation he has
established," said Mr. Jackson. "Since joining the organization
nearly a year ago, it has been clear that Wesbanco has a talented
and experienced leadership team and a strong, customer-focused
culture. I am excited to work with the entire team in the CEO role
to drive Wesbanco's continued success for our customers,
shareholders and employees."
Mr. Jackson joined Wesbanco in August
2022 after a successful career with First Horizon Bank. In
the three quarters since his hiring, Wesbanco has delivered solid
financial performance as demonstrated by loan growth, maintained
key credit quality metrics at low levels favorable to peer bank
averages and remained well-capitalized with solid liquidity and a
strong balance sheet. Mr. Jackson's contributions include new
capabilities and strategies around fee-based services that are
intended to strengthen Wesbanco's diversified earnings streams for
continued success.
During his 14 years with First Horizon, Mr. Jackson held roles
of increasing responsibility, most recently as Executive Vice
President and Chief Operating Officer of regional banking in
Memphis, Tennessee. Before that,
he was Regional President for Florida; and Market President for Southeast Tennessee and Atlanta. Prior to his banking career, he spent
15 years with IBM in various positions. Mr. Jackson is a graduate
of Auburn University and received a
certificate of Corporate Strategy from Columbia University. He and his family reside in
Wheeling.
Mr. Clossin, who became CEO of Wesbanco in 2014, will continue
as a Vice Chairman of the Board of Directors and will serve on its
Executive Committee in his retirement. Under his leadership,
Wesbanco has transformed into a regional financial services
institution and has nearly tripled in total assets through organic
growth and five significant acquisitions. In addition, Mr. Clossin
has overseen the strategic expansion of Wesbanco's operations from
three states to six and the establishment of loan production
offices in two more. Wesbanco has earned numerous national
accolades for financial performance, credit quality, community
development, employer of choice and customer satisfaction during
his tenure. Most recently, Wesbanco earned its eighth outstanding
FDIC Community Reinvestment Act rating for its work meeting the
credit needs of the communities in which it operates, including
low- and moderate-income neighborhoods.
About Wesbanco, Inc.
Founded in 1870, Wesbanco, Inc.
is a diversified and balanced financial services company that
delivers large bank capabilities with a community bank feel.
Our distinct long-term growth strategies are built upon unique
sustainable advantages permitting us to span six states with
meaningful market share. Built upon our 'Better Banking
Pledge', our customer-centric service culture is focused on growing
long-term relationships by pledging to serve all personal and
business customer needs efficiently and effectively.
Furthermore, our strong financial performance and employee focus
has earned us recognition by Forbes as both one of America's Best
Banks and Best Midsize Employers. In addition to a full range
of online and mobile banking options and a full-suite of commercial
products and services, Wesbanco provides trust, wealth management,
securities brokerage, and private banking services through our
century-old Trust and Investment Services department, with
approximately $5 billion of assets
under management (as of March 31,
2023). Wesbanco's banking subsidiary, Wesbanco Bank, Inc.,
operates 194 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia.
Additionally, Wesbanco operates an insurance agency, Wesbanco
Insurance Services, Inc., and a full service broker/dealer,
Wesbanco Securities, Inc. Learn more at www.wesbanco.com. Follow
@Wesbanco on Facebook, LinkedIn and Twitter.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/wesbanco-announces-planned-ceo-succession-date-301826429.html
SOURCE WesBanco, Inc.