Glenn MacInnes intends to retire from his role as executive vice president and CFO of Webster Financial, the holding company for Webster Bank and its HSA Bank division, after 13 years with the company. MacInnes will continue to serve as the company’s CFO until a successor is appointed by Webster’s board of directors and will then serve in an advisory role.
As part of the search process to identify the next CFO, the company has retained executive search firm Spencer Stuart.
“Glenn’s contributions as CFO have helped transform Webster into one of the best-performing regional banks in the nation. During his tenure, Glenn spearheaded several initiatives aimed at improving profitability and operational efficiency. As a result, today Webster is on strong financial footing and is well-positioned for long-term value creation as we continue helping clients achieve their goals,” John Ciulla, chairman and CEO of Webster Financial, said. “We have initiated a robust search process, looking at both external and internal candidates, to find Glenn’s successor.”
“On behalf of the board, I thank Glenn for his service and dedication to Webster over the years and wish him all the best in his retirement,” Richard O’Toole, lead independent director and chair of the nominating and corporate governance committee for Webster Financial’s board, said. “As we take the time needed to identify the right candidate as our next CFO, we appreciate Glenn’s willingness to continue in the role during this period.”
“It has been an honor to work alongside such a talented group of people, and I am proud of all that we have accomplished together,” MacInnes said. “When I first joined Webster in 2011, the company had just begun a network transformation to reduce costs, overhaul branches and focus more effort toward digital services. Today, Webster is a leading commercial bank with diverse businesses, a strong capital position and solid risk management framework that enables the company to deliver for clients in all operating environments. I look forward to watching the company’s continued success as it executes its strategic and financial initiatives and supporting the appointment and onboarding of a new CFO.”
