Connecticut-based Webster Bank has hired former First Republic CFO Neal Holland as its next chief financial officer, the company said Monday.
Webster’s current CFO, Glenn MacInnes, previously announced he would retire in August. He joined Webster in 2011, according to his LinkedIn profile, and will assume an advisory role after his retirement, the bank said.
Holland, who has 20 years of industry experience, served as CFO at First Republic for roughly seven months before it failed and was acquired by JPMorgan Chase, according to his LinkedIn profile. Before joining the San Francisco-based lender, he worked in a number of roles at MUFG, including serving as CFO of MUFG Union Bank shortly before U.S. Bank bought it in an $8 billion deal. Holland stayed through November 2022, and the deal closed the following month.
Holland, who joined the bank Monday, will receive an annual base salary of $650,000, a target annual cash incentive of 110% of his annual base, and a target annual long-term award of 190% of his base salary, according to paperwork the bank filed Monday with the Securities and Exchange Commission.
The new CFO will also receive a one-time grant of $750,000 of Webster restricted stock, a $200,000 cash sign-on award, and $600,000 in cross-country relocation benefits, according to the filing.
The $76 billion-asset Webster also named William Haas as a non-management member of its board of directors. Haas, who will serve on the bank’s risk and compensation committees, has worked with the Office of the Comptroller of the Currency for 38 years, including as deputy comptroller for midsize bank supervision, according to his LinkedIn profile.
“We are excited to bring Neal and Bill to Webster,” the bank’s CEO, John Ciulla, said in a prepared statement. “Neal brings significant experience at larger banking institutions, and Bill adds depth to our Board with his extensive regulatory and risk management background. We look forward to benefiting from their counsel and insights as we further improve our advantageous market position through these key appointments.”
Holland, whom Webster also named an executive vice president, will report to Ciulla. Before his time at MUFG, Holland spent more than three years at Bank of America’s Countrywide unit.
