[8-K] Webster Financial Corporation Waterbury Reports Material Event

Rhea-AI Filing Summary

Webster Financial Corp. (NYSE: WBS) filed an 8-K announcing a senior accounting leadership change. Executive Vice President & Chief Accounting Officer (CAO) Albert J. Wang will resign effective 2 Sep 2025 to pursue another opportunity but will remain through that date to support an orderly hand-off.

Succession plan: Beginning 3 Sep 2025, Gregory S. Madar—currently Senior Managing Director & Corporate Controller—will serve as Interim CAO while the company conducts an internal and external search for a permanent replacement. Madar joined the Bank in 2011, previously holding CAO (2011-17) and HSA Bank CFO (2017-23) roles, providing continuity and institutional knowledge. His interim compensation package has not yet been determined.

No financial results, guidance, or other material transactions were disclosed. The filing is limited to the leadership transition under Item 5.02 and an exhibit index for the Inline XBRL cover page.

Positive

• Orderly transition: Wang will remain until 2 Sep 2025, providing continuity through the Q3 reporting cycle.
• Experienced interim: Gregory S. Madar has served as Corporate Controller since Nov 2023 and was previously CAO (2011-17), reducing execution risk.

Negative

• Key executive departure: Loss of the CAO could raise perceived financial reporting and governance risk until a permanent successor is named.
• Unresolved compensation & timeline: Interim remuneration and search duration remain unspecified, adding short-term uncertainty.

Insights

Sell-Side Financial Analyst

TL;DR: CAO exit mildly negative; seasoned interim reduces near-term reporting risk.

Wang’s departure removes a long-tenured gatekeeper of financial controls, a potential governance concern ahead of Q3 close. However, Madar’s deep accounting background at Webster and HSA Bank limits operational disruption. Because the firm disclosed the change seven weeks in advance and Wang will assist through the 10-Q cycle, I view the impact as modestly negative but manageable. Investors should monitor search progress and any SEC filing delays.

Corporate Governance Specialist

TL;DR: Planned transition signals solid succession process; limited strategic impact.

The board activated a clear interim plan, naming a controller with prior CAO experience—good practice under SOX. Lack of compensation details is normal at this stage. Unless prolonged, the vacancy should not trigger control deficiencies. I classify the event as low-impact, with emphasis on continued disclosure quality.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________ 

FORM 8-K

_________________________ 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 18, 2025

 _________________________ 

WEBSTER FINANCIAL CORPORATION

 _________________________________________

(Exact name of registrant as specified in its charter)

Delaware

001-31486

06-1187536

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

200 Elm Street, Stamford, Connecticut 06902

(Address and zip code of principal executive offices)

203-578-2202

(Registrant’s telephone number, including area code)

______________________________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbols			Name of each exchange on which registered
Common Stock, par value $0.01 per share			WBS			New York Stock Exchange
Depositary Shares, each representing 1/1000th interest in a share of 5.25% Series F Non-Cumulative Perpetual Preferred Stock			WBS-PrF			New York Stock Exchange
Depositary Shares, each representing 1/40th interest in a share of 6.50% Series G Non-Cumulative Perpetual Preferred Stock			WBS-PrG			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 18, 2025, Albert J. Wang informed Webster Financial Corporation (the “Company”) and Webster Bank, National Association (the “Bank”) of his decision to resign as Executive Vice President and Chief Accounting Officer of the Company and the Bank to pursue another professional opportunity. Mr. Wang will continue to serve the Company and the Bank in his current role through September 2, 2025, to assist in the transition process.

Effective September 3, 2025, upon Mr. Wang’s resignation, Gregory S. Madar, Senior Managing Director, Corporate Controller, will serve as Interim Chief Accounting Officer while the Company conducts an internal and external search for Mr. Wang’s successor. Mr. Madar has served as Corporate Controller of the Bank since November 2023, and previously served as Chief Financial Officer of HSA Bank, a division of the Bank, from 2017 to 2023, and Chief Accounting Officer from 2011 to 2017. The compensatory arrangement for Mr. Madar as Interim Chief Accounting Officer has not been determined as of the date of this report.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits

Exhibit Number						Description
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

									WEBSTER FINANCIAL CORPORATION
									(Registrant)
Date: July 21, 2025									/s/ Neal Holland
									Neal Holland
									Senior Executive Vice President and Chief Financial Officer

FAQ

Why is Webster Financial's CAO Albert J. Wang resigning?

The 8-K states Wang is leaving to pursue another professional opportunity and will depart on 2 Sep 2025.

Who will replace Webster Financial's CAO after 2 Sep 2025?

Gregory S. Madar, Senior Managing Director & Corporate Controller, will serve as Interim CAO starting 3 Sep 2025.

Does the filing disclose Gregory Madar’s compensation as Interim CAO?

No. The company notes that compensatory arrangements have not yet been determined.

Are there any financial results or guidance in this 8-K for WBS?

No. The report is limited to the leadership change under Item 5.02; no earnings or guidance data are provided.

Will Albert Wang assist with the transition at Webster Financial?

Yes. Wang will continue in his current role through 2 Sep 2025 to facilitate the transition.