Announces New Executive Employment
Agreements
WHEELING, W.Va., July 21,
2023 /PRNewswire/ -- WesBanco, Inc. (Nasdaq: WSBC), a
diversified, multi-state bank holding company, announced today that
President and Chief Executive Officer Todd
F. Clossin and Senior Executive Vice President and Chief
Operating Officer Jeffrey H. Jackson
have entered into amended and new Employment Agreements
respectively, which will become effective in conjunction with the
company's previously announced CEO succession plan.
Mr. Jackson joined WesBanco in August 2022 as Senior Executive Vice President
and Chief Operating Officer. Mr. Clossin has served as CEO
since 2014. He has been appointed a Vice Chairman of the Company's
Board of Directors effective August 1,
2023, and will continue to serve on its Board of Directors
and Executive Committee upon his retirement on December 31, 2023.
In conjunction with the changes, Mr. Jackson entered into a new
three-year revolving term Employment Agreement with WesBanco
and was elected to the Board of Directors effective August 1, 2023. Mr. Clossin also entered into an
Amendment to his current Employment Agreement, also effective
August 1, 2023, which shortens the
term of his current Employment Agreement to expire on December 31, 2023, changes his duties and title
and consents to his retirement as an Executive Officer of the
Company on December 31, 2023.
"On behalf of the Board of Directors, I want to thank Todd for
his exceptional service to WesBanco during his tenure as CEO—a
period that saw the Company nearly triple in assets through organic
growth and acquisitions," said Christopher
V. Criss, Chairman, WesBanco Board of Directors. "Now, the
Board is pleased to welcome Jeff to the CEO role to lead WesBanco
into its next phase of growth. Having worked with Jeff closely over
the past year, we are confident he will continue to build on the
impressive foundation already established and serve WesBanco's
customers, communities, employees and shareholders well."
"I am honored to lead this tremendous organization as we
continue to advance our commitment to helping people, businesses
and communities grow and achieve their financial
goals. WesBanco has a rich legacy, and I look forward to
working with the Board and our teams to build on our strong
foundation, execute our strategic plans and deliver profitable
long-term growth," said Mr. Jackson. "On behalf of all my WesBanco
colleagues, I thank Todd for his decade of leadership, which has
positioned WesBanco well for continued growth and success."
Mr. Jackson joined WesBanco following a successful career with
First Horizon Bank, where he 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. 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, West
Virginia.
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. The
company's banking subsidiary, Wesbanco Bank, Inc., operates more
than 190 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia. 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. In addition to
a full range of online and mobile banking options and a full-suite
of commercial products and services, the company provides trust,
wealth management, securities brokerage, and private banking
services through its century-old Trust and Investment Services
department, with approximately $5.1
billion of assets under management (as of June 30, 2023).The company also offers insurance
and brokerage services through its affiliates and subsidiaries.
Learn more at www.wesbanco.com and follow us on Facebook, LinkedIn
and Twitter.
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SOURCE WesBanco, Inc.
