WesBanco Announces New Executive Employment Agreements

Strategic Insights -

Todd F. Clossin, WesBanco's outgoing CEO, has agreed to shorten his employment term to expire on December 31, 2023, upon his retirement. In a separate move, Jeffrey H. Jackson, his successor, has entered into a new three-year revolving term employment agreement with WesBanco. Jackson, who joined the company in August 2022, has been elected to the Board of Directors effective August 1, 2023. As part of the succession plan, Clossin will become a Vice Chairman of the Board on August 1, 2023, and will continue to serve on its Board of Directors and Executive Committee. The changes are set to become effective in conjunction with the company's CEO succession plan.

Key Takeaways:

  • Todd F. Clossin, WesBanco's CEO since 2014, has agreed to shorten his employment term to expire on December 31, 2023, upon his retirement.
  • Jeffrey H. Jackson, Clossin's successor, has entered into a new three-year revolving term employment agreement with WesBanco, and has been elected to the Board of Directors effective August 1, 2023.
  • Clossin will become a Vice Chairman of the Board on August 1, 2023, and will continue to serve on its Board of Directors and Executive Committee.
  • Jackson joined WesBanco in August 2022 as Senior Executive Vice President and Chief Operating Officer, bringing with him a successful career with First Horizon Bank.
  • WesBanco has $5.1 billion of assets under management as of June 30, 2023.
  • The company operates over 190 financial centers across six states: Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia.
  • WesBanco's customer-centric service culture is focused on growing long-term relationships built upon a "Better Banking Pledge" to serve all personal and business customer needs efficiently and effectively.

Statistics:

  • WesBanco has $5.1 billion of assets under management as of June 30, 2023.
  • The company operates over 190 financial centers across six states.
  • Todd F. Clossin has served as CEO since 2014.
  • Jeffrey H. Jackson has been with WesBanco since August 2022.

Sources:

  • WesBanco, Inc. press release, July 21, 2023
  • WesBanco, Inc. website
  • Press release: Announces New Executive Employment Agreements