WILMINGTON, Del. - WSFS Financial Corporation (NASDAQ:WSFS), the parent company of WSFS Bank, announced key executive leadership appointments, including a new Chief Financial Officer (CFO), Chief Operating Officer (COO), and Chief Wealth Officer. The changes are part of the company's ongoing succession planning and commitment to leadership development.
David Burg will join WSFS as Executive Vice President and CFO on August 15, 2024. Burg brings extensive financial experience from his tenure at Citigroup, where he most recently managed strategy and execution for legacy franchises and served as CFO for the Latin America region. His responsibilities at Citigroup included financial reporting, planning and analysis, treasury management, and strategy. Burg's academic credentials include an MBA in Finance and an M.S. in Materials Science and Engineering from Columbia University, as well as a B.S. from Rutgers University.
Concurrent with Burg's appointment, Arthur J. Bacci will transition to the role of Executive Vice President and COO. Bacci, who has been with WSFS since April 2018, previously held the position of Chief Wealth Officer and has been serving as interim CFO since August 2023. As COO, Bacci will oversee the Commercial, Wealth, Consumer, and Cash Connect lines of business, along with Technology, Operations, Customer Experience, Marketing, and Communications.
Jamie P. Hopkins is set to become the new Executive Vice President and Chief Wealth Officer, succeeding Bacci. Hopkins joined the company in October 2023 as Senior Vice President and Director of Private Wealth Management. In his new role, he will lead the Wealth Management segment, which includes several WSFS subsidiaries and divisions.
Rodger Levenson, Chairman, President, and CEO of WSFS, expressed confidence in the appointed executives, citing Burg's expertise and visionary approach, which are seen as vital for the company's growth acceleration. Levenson also highlighted the importance of the promotions of Bacci and Hopkins in strengthening the leadership team and fulfilling the company's long-term talent development goals.
WSFS Financial Corporation is a multi-billion dollar financial services company with $20.6 billion in assets on its balance sheet and $80.5 billion in assets under management and administration as of March 31, 2024. The company operates from 114 offices across several states, offering a wide range of financial services.
This announcement is based on a press release statement and contains forward-looking statements subject to risks, uncertainties, and changes in circumstances.
InvestingPro Insights
As WSFS Financial Corporation (NASDAQ:WSFS) continues to strategically position its leadership team for future growth, it's important for investors to consider the company's financial health and market performance. With a current market capitalization of $2.72 billion, WSFS is operating with a strong financial foundation. The company's P/E ratio stands at 10.12, indicating a reasonable valuation when compared to the industry average. Additionally, WSFS's price/book ratio as of the last twelve months is 1.1, suggesting that the stock might be trading at a fair value relative to its net assets.
InvestingPro Tips highlight that WSFS has shown a commitment to shareholder returns, having raised its dividend for 10 consecutive years and maintained dividend payments for 27 consecutive years. This track record underscores the company's financial stability and dedication to returning value to its shareholders. For investors seeking further insights and tips on WSFS, there are additional InvestingPro Tips available, providing a deeper dive into the company's financials and market performance. To explore these valuable insights, investors are encouraged to visit InvestingPro and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
Looking at the company's recent performance, WSFS has experienced a revenue growth of 3.82% over the last twelve months as of Q1 2024, with a quarterly revenue growth of 8.93% in Q1 2024. These figures suggest a solid trajectory in terms of income, which could be an important factor for investors considering the company's prospects. Moreover, with analysts predicting profitability for the current year and the company having been profitable over the last twelve months, WSFS appears to be on a sustainable financial path.
Investors should note that these insights are just the tip of the iceberg, as InvestingPro offers a wealth of additional tips for those interested in a more comprehensive analysis of WSFS's potential. In total, there are 5 additional InvestingPro Tips available for WSFS, providing a robust resource for investors looking to make informed decisions.
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