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STAMFORD, Conn. - Webster Financial Corporation (NYSE:WBS), a $9.19 billion market cap financial institution with a strong financial health rating according to InvestingPro, announced Tuesday the appointment of Jason E. Schugel as Chief Risk Officer and Executive Vice President, effective July 14, and Frederick J. Crawford as an independent board member.
Schugel will succeed current Executive Vice President and CRO Daniel Bley, who is retiring but will temporarily serve in an advisory role to ensure a smooth transition. Schugel brings over 25 years of financial, audit and risk management experience, most recently serving as CRO for Ally Bank where he spent 15 years.
Crawford previously served as President and Chief Operating Officer of AFLAC, and held Executive Vice President and Chief Financial Officer positions at CNO Financial Group and Lincoln Financial Group. Earlier in his career, he spent 13 years in banking, including officer positions at Bank One Corporation.
"Jason and Fred have proven track records of performance at global enterprises," said John Ciulla, Chairman and Chief Executive Officer of Webster, according to the company’s press release.
Webster Financial Corporation is the holding company for Webster Bank, N.A., headquartered in Stamford, Connecticut. The company has more than $80 billion in total assets and provides financial products and services to businesses, individuals, and families across three lines of business: Commercial Banking, Healthcare Financial Services, and Consumer Banking. Trading at a P/E ratio of 11.92 and offering a 2.93% dividend yield, Webster has maintained dividend payments for 39 consecutive years. InvestingPro analysis suggests the stock is currently undervalued, with additional insights available in the comprehensive Pro Research Report covering 1,400+ top US stocks.
In other recent news, Webster Financial Corporation reported its first-quarter 2025 earnings, revealing an earnings per share (EPS) of $1.30, which fell short of the anticipated $1.38. Revenue also missed expectations, coming in at $704.8 million compared to the forecasted $707.12 million. Despite this, the company demonstrated solid asset growth, with total assets reaching $80 billion and deposits increasing by over $800 million. In a separate development, Webster Financial announced an expansion of its stock buyback program by $700 million, allowing for the repurchase of shares through various means. Analyst actions included Jefferies initiating coverage on Webster Financial with a Buy rating and setting a price target of $65, citing the bank’s above-average profitability and diversified deposit base. Citi analyst Benjamin Gerlinger also raised the price target for the company to $65 from $57, reaffirming a Buy rating, driven by potential legislative changes affecting Health Savings Accounts. Additionally, shareholders approved the company’s executive compensation and elected its board of directors during the annual meeting.
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