Customers Bancorp, Inc. (NYSE: CUBI) has confirmed a significant leadership transition by appointing Sam Sidhu to its Board of Directors. This move comes as the company prepares for a succession plan that was initially announced in July 2023. Sidhu, who currently serves as the president of Customers Bancorp and the chief executive officer of Customers Bank, is set to succeed his father, Jay Sidhu, in the CEO role.
Under the new structure, Jay Sidhu will retire from his position as CEO and transition to the role of executive chairman, while continuing his tenure on the board. The leadership changes are designed to enhance continuity and governance as Customers Bancorp pursues its long-term strategy.
Jay Sidhu founded Customers Bank and Customers Bancorp by investing in a small financial institution located in Chester County. Over the years, he has successfully guided the organization from a distressed bank with approximately $200 million in assets to a robust financial entity with assets exceeding $24 billion. Notably, this growth has occurred without any major acquisitions.
Sam Sidhu’s journey within the organization began when he joined the Customers Bank board in 2012. He was appointed chief operating officer in 2020 and elevated to president and CEO of the bank in 2021. His deep involvement in the institution’s development over the past decade positions him well for this new role.
Dan Rothermel, lead independent director of Customers Bancorp, expressed confidence in Sidhu’s leadership capabilities. “Sam has demonstrated outstanding leadership and strategic vision throughout his tenure,” he remarked. “His appointment to the Board formalizes his integral role in shaping the future of our organization and reinforces the thoughtful succession planning that the Board and management have executed.”
In response to his new responsibilities, Sam Sidhu conveyed gratitude to the Board for their trust. He highlighted a disciplined culture and an emphasis on organic growth as key factors contributing to the bank’s success. He looks forward to continuing to lead Customers Bank collaboratively with the board.
Jay Sidhu affirmed that the transition reflects years of meticulous planning, showcasing confidence in the next generation of leadership. “I am incredibly proud of what we have built at Customers Bancorp and Customers Bank,” he stated. “Sam has been instrumental in shaping our strategy, strengthening our culture, and positioning the Bank for the future. I have full confidence in Sam’s leadership and vision.”
The completion of this board appointment and the executive transition signals stability to both investors and clients. Customers Bancorp is poised to enter a new phase under this carefully orchestrated leadership handoff, ensuring a seamless transition as it continues to navigate the evolving financial landscape.