WSFS Financial Corporation announced that effective January 1, 2020, Rodger Levenson will assume the role of Chairman of the Board of Directors, in addition to his role as President and CEO.
Mark A. Turner will step down from his role as Executive Chairman and remain on the board as a Director.
Lead Independent Director Eleuthère I. du Pont said, “Mark assumed the role of Executive Chairman on January 1, 2019, amidst WSFS’ efforts to close on the acquisition and integration of Beneficial Bank with several critical milestones ahead. With those milestones achieved and understanding Mark’s previously disclosed desire to explore and take on new challenges, the board initiated the next phase of our succession plan by unanimously selecting Rodger as our Chairman and Mark stepping into a director role.”
Levenson is a lifelong resident of the Delaware Valley and has more than 33 years of local banking experience.
He joined WSFS in 2006 and assumed the role of President and CEO on January 1, 2019. Since that time, Mr. Levenson led the integration of Beneficial to position WSFS as the only locally based bank with distinct market advantages, including the size and scale to compete with banks of all sizes, a full-service product suite, regional market knowledge and local decision making.
Levenson’s community service spans memberships on several Boards of Directors, including The Chamber of Commerce for Greater Philadelphia, Delaware State Chamber of Commerce (DSCC), Delaware Business Roundtable and the United Way of Delaware.
“I am honored to be named Chairman of the Board and am humbled by the confidence the Board continues to place in me,” said Levenson. “I want to thank my fellow associates, who live our mission – We Stand For Service – as they serve our customers and communities every day. I am grateful for Mark’s support during this transition and look forward to continuing to work with him as a valued member of our Board of Directors.”
In his additional role as Chairman, Levenson will work closely with Mr. du Pont, Lead Independent Director of the board.
“With the successful combination behind us and the focus shifting to leveraging the opportunities across our expanded footprint, timing is optimal for me to move away from the Executive Chair role,” said Turner. “I look forward to working with Rodger in his role as Chairman and CEO and continuing to add value as a Director.”
Turner will serve as a Board director for WSFS, contributing his near 30 years of banking knowledge and deep experience in the financial services sector. He is stepping aside as Executive Chair “as part of the continuing, thoughtful leadership transition at WSFS and to co-found and lead a new venture to develop a technology platform providing financial products and services for millennials,” a release stated.
Having a CEO take on the title of chairman is controversial in some corporate governance circles. However, Levinson has indicated that a strong lead director provides enough oversight.