Northwest Bancshares,Inc. (NASDAQ:NWBI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 2, 2017, Ronald J. Seiffert, 60, was appointed President and Chief Operating Officer of Northwest Bancshares, Inc. (the Company), effective November 13, 2017. Mr. Seiffert has 36 years of experience in the banking industry. For the previous six years Mr. Seiffert served as Chairman, President and Chief Executive Officer of The Delaware County Bank & Trust in Lewis Center, Ohio. Prior to that Mr. Seiffert worked for two large Ohio banking organizations.
In connection with the appointment, effective November 13, 2017, William J. Wagner, the current Chairman of the Board, President and Chief Executive Officer of the Company, will continue to serve as Chairman of the Board and Chief Executive Officer of the Company.
In connection with his appointment, Mr. Seiffert entered into an employment agreement with the Company, which provides, among other things, for a base salary of $500,000 per year. The term of the agreement is 36 months. The employment agreement provides for participation in Company-wide employee benefit plans and in executive incentive and benefit plans. Additional details are included in the attached agreement.
There are no family relationships between Mr. Seiffert and any director or other executive officer of the Company nor are there any transactions between Mr. Seiffert or any member of his immediate family and the Company or any of its subsidiaries that would be reportable as a related party transaction under the rules of the Securities and Exchange Commissions.
Item 9.01 Financial Statements and Exhibits
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Exhibits No. |
Description |
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Employment Agreement between Northwest Bank and Northwest Bancshares, Inc. and Ronald J. Seiffert |
Northwest Bancshares, Inc. ExhibitEX-10.1 2 employmentagreement.htm EXHIBIT 10.1 Exhibit NORTHWEST BANKNORTHWEST BANCSHARES,…To view the full exhibit click here
About Northwest Bancshares,Inc. (NASDAQ:NWBI)
Northwest Bancshares, Inc. (Northwest) is a savings and loan holding company. The Company’s principal business consists of attracting deposits and making loans secured by various types of collateral, including real estate and other assets in the markets in which it operates. Its subsidiary, Northwest Bank, is a Pennsylvania-chartered stock savings bank. Northwest Bank is a community-oriented financial institution, offering personal and business banking solutions, investment management and trust services and insurance products. Through a subsidiary, Northwest Consumer Discount Company, it also offers consumer finance loans. Northwest Bank operates over 180 community-banking offices throughout its market. Northwest Bank also offers investment management and trust services and through its subsidiaries, actuarial and benefit plan administration services, as well as property and casualty and employer benefit plan insurance.
