Company: WBS-PG
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0000801337-25-000015
Chunk: 40

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 40
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, retired on January 31, 2024. Additionally, the Company was served by two Chief Financial Officers in 2024, as Glenn MacInnes transitioned to a non-executive advisory role and William Neal Holland was named his successor. Therefore our NEOs for 2024 were:

• John R. Ciulla, Chairman of the Board and Chief Executive Officer

• Glenn I. MacInnes, EMD, Senior Advisor (previously Chief Financial Officer)

• Neal Holland, Chief Financial Officer

• Luis Massiani, President and Chief Operating Officer

• Christopher J. Motl, President of Commercial Banking

• Kristy Berner, General Counsel and Corporate Secretary

• Jack Kopnisky, Executive Chairman (retired)

Mr. Ciulla assumed the title of Chairman of the Board on February 1, 2024 following the retirement of Mr. Kopnisky. Mr. Massiani was also promoted to President and Chief Operating Officer of Webster on February 1, 2024, as his scope of responsibilities expanded to include oversight of HSA Bank, and the acquisition and management of Ametros.

During 2024, Webster leadership and the Compensation and HR Committee planned for and executed several executive role changes, including the transition of the Chief Financial Officer role from Mr. MacInnes to Mr. Holland.

Additionally, Webster leadership and the Compensation and HR Committee continued to execute decisions to strengthen our executive compensation governance. The Compensation and HR Committee:

• approved a new compensation peer group to reflect our peers following the regional bank failures in 2023 and related asset acquisitions and to continue to position Webster at the median in terms of asset size

• reviewed and approved an updated Compensation and HR Committee charter that reflects the Committee’s expanded role in providing oversight on Human Resources matters and is consistent with other Webster governance documents

• approved 2024 target pay for all executives, considering compensation for the new peer group and other factors

• reviewed director compensation to ensure continued alignment with market practices

• monitored the performance of Webster’s incentive compensation plans, including the risk assessments for each plan

Financial Performance Summary - In 2024, Webster delivered strong financial and operating performance during a continued challenging period for the banking industry. While financial results were lower than target, Webster performed in the top quartile of our peer group in terms of pre-provision net revenue (“ PPNR ”) and return on average assets (“ ROAA ”). As a result, annual Cash Incentive Awards were funded at 95% of target, as