WSFS board changing as Weschler heads to Buffett company

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wsfsWSFS Financial Corp. is reducing the size of its board with  two directors retiring  and one deciding not to run for re-election as he takes on an expanded role  at Warren Buffett’s Berkshire Hathaway.

Expected to join the board  of the Wilmington company are Eleuthère (Thère) I. du Pont, President of the Longwood Foundation and a member the Board of Directors of E. I. du Pont de Nemours and Company; and David G. Turner, Vice President/Partner, IBM Global Business Services and Vice Chairman of the Board of Trustees of Delaware State University.

The biggest subsidiary of the company is WSFS Bank (formerly Wilmington Savings Fund Society).

Leaving the board are Dennis E. Klima retired CEO of Bayhealth in Dover and former Delaware Chancellor William B. Chandler, effective on the date of the 2013 Annual Meeting of Stockholders.

In addition, R. Ted Weschler has decided not to run for reelection.

Weschler has been working at Berkshire Hathaway, the conglomerate and investment vehicle headed by Warren Buffett. He has taken on financial responsibilities related to Berkshire’s portfolio, Bloomberg reported.

Weshas also been mentioned as a possible sucessor to Buffett, although other candidates are in the mix and Buffett, who is in his 80s, has mentioned another Berkshire executive as a possible successor.

Berkshire’s holdings range from the   Burlington Santa Fe railroad to Geico Insurance, Dairy Queen  and Helzberg Diamonds. The company is also known for its investments in companies like Coca-Cola and the Washington Post.

Weschler has operated an investing firm in Charlottesville, Va. with billions of dollars under management,  but has been winding down  activities. Among Weschler’s  holdings was a stake in WSFS, which emerged from the financial crisis in better condition than many of its banking peers.

Recently Weschler  assisted in the purchase by Buffett of  newspapers owned by Media General.

Fortune Magazine reported Weschler got to know Buffett after buying lunches with the Oamaha investor as part of a charitable event. He reportedly paid more than $5 million to secure the bid for the lunch. Weschler is known for having a similar investment style to Buffett that includes holding on to shares over  a long period.

The WSFS board had started planning the changes in 2011, according to a regulatory filing.

Nominated for reelection to the Board are Marvin N. Schoenhals, chairman of the board and Calvert A. Morgan, Jr., a retired banker.

As a result, these changes will reduce the size of the Board to ten, the filing stated.

 

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