Jay Sidhu, chairman and CEO of Customers Bancorp, will be retiring as CEO of the company and transitioning to the role of executive chairman effective January 1, 2026. The organization has appointed Sam Sidhu to succeed J. Sidhu as CEO. J. Sidhu will continue as executive chairman of both Customers Bancorp and Customers Bank and will remain on its board of directors.
J. Sidhu, 73, founded Customers Bank and Customers Bancorp by investing in a small Chester County, PA-based institution with a vision to build a forward-thinking, client-focused bank. Prior to founding Customers, J. Sidhu was co-founder, chairman and chief executive officer of Sovereign Bank and Sovereign Bancorp.
“As I look toward the future and consider retirement, the time has come for me to scale back my day-to-day involvement at Customers Bancorp. I know I can do so with immense pride in what we built and deep gratitude for the team, clients and communities who place their trust in us,” J. Sidhu said. “I look forward to continuing to work with the Board to provide strategic guidance while we continue to grow Customers as an innovative and sound bank that is built to last.”
“I have had the pleasure of working with Jay, one of the true visionaries of our industry, for over 30 years,” Dan Rothermel, lead independent director of Customers Bancorp, who was also the lead independent director of Sovereign Bank, said. “Six years ago, the board initiated a selection process and chose Sam as a successor to the COO. It was one of the best decisions at the time, and we cannot be happier that he has been appointed CEO. We are thrilled with Sam’s leadership style and couldn’t be more pleased to have a thoughtful, strategic and dynamic leader step into Jay’s shoes. Our best years are still ahead of us.”
S. Sidhu, 41, will retain his titles as president of Customers Bancorp and president and CEO of Customers Bank. He was named COO of Customers Bank in 2020, after serving on its board for eight years. S. Sidhu was then promoted to president and CEO of Customers Bank in July 2021. Under his leadership, the bank has embraced technological advances and expanded the company’s product offerings, services and markets and doubled its assets while transforming its deposit franchise.
Prior to joining Customers Bank, S. Sidhu founded and served as CEO of Megalith Capital Management, a real estate-focused private equity firm. He previously worked in private equity with Providence Equity Partners and investment banking with Goldman Sachs. S. Sidhu holds a BA from the Wharton School of Business at the University of Pennsylvania and an MBA from the Harvard Business School.
“It is an honor to receive this vote of confidence, and I look forward to working with our exceptional team and board of directors to constantly strive to delight our clients and produce above average returns for our shareholders,” S. Sidhu said. “As Customers Bank turns this important page, one thing remains unchanged: our relentless commitment to the people we serve and the entrepreneurial spirit that has defined us since day one.”
