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March 26, 2024

Top Webster Bank exec set to retire

Glenn MacInnes
By Greg Bordonaro

Webster Financial Corp., parent company of Webster Bank, announced that its chief financial officer plans to retire.

Glenn MacInnes, who has been with Webster Bank for 13 years, intends to retire from his role as executive vice president and CFO, the bank announced.

He will remain in the position until a successor is appointed by Webster’s board of directors, and will then serve in an advisory role to help with the transition, the bank said.

Webster Financial said it has retained executive search firm Spencer Stuart to find MacInnes’ replacement. 

John Ciulla, chairman and CEO of Webster Financial, credited MacInnes with spearheading “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. We have initiated a robust search process, looking at both external and internal candidates, to find Glenn’s successor.”

MacInnes was part of the leadership team that helped oversee the 2022 merger between Webster Financial and New York-based Sterling National Bank, which created a regional lender with a combined $74.9 billion in assets. 

In 2023, Webster Financial reported $867.8 million in profits, or $4.91 per share, up nearly 35% from a year earlier. 

Webster’s stock price closed Tuesday at $49.54, up from $40.33 a year ago. 

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