Customers Bancorp’s new COO being groomed to take reins
WYOMISSING » Customers Bancorp announced a shake-up in its corporate structure Wednesday based around the recruitment of a new chief operating officer.
Sam Sidhu was appointed vice chairman and COO of Customers Bank, as well as head of corporate development for its Wyomissing-based parent.
The company’s board of directors also named president and COO Dick Ehst to the added role of Customers Bank CEO, replacing Jay Sidhu. Jay continues as chairman and CEO of Customers Bancorp while adopting the position of executive chairman for Customers Bank.
The changes to Customers’ executive leadership are described as a “succession plan” and part of a “vision for 2025 and beyond.”
Jay Sidhu is 69 years old. Ehst is 73.
Grooming a replacement
Ehst acknowledged he and Jay Sidhu are in “the twilight of their careers” and there was a desire to create stability with regard to the company’s presence in Berks County and in the eyes of investors.
“Jay’s retirement, my retirement is in the future,” Ehst said in an interview on Friday. “How do we build a company that stands the test of time, that’s headquartered here?
“Where we need some help is in the understanding of capital markets, of Wall Street and technology. Sam brings a lot of that to the table.”
Because Jay is Sam’s father, the company’s top executive recused himself from the board’s pursuit once the search took that direction.
“Our board of directors and top management have been very focused over the past few months on a core strategy for the future, with increased emphasis on talent acquisition, development and retention,” Jay Sidhu said in a release.
Under the new management structure, Jay Sidhu’s focus turns to the big picture and what comes next for Customers, while Ehst becomes more involved in the bank’s day-to-day operations.
Customers in good hands
A graduate of The Hill School in Pottstown, Sam Sidhu, 36, holds a bachelor’s degree from the Wharton School of the University of Pennsylvania and a master’s degree from Harvard Business School.
He was founder and CEO of Megalith Capital Management, a New York City private equity firm, and spent time at Providence Equity Partners and Goldman Sachs. He also began serving on Customers’ board in 2012.
Ehst described Sam Sidhu as “a remarkable man who created his own success story.”
“Because Sam has been so close and a vital source of guidance and wisdom, he’s been invaluable and built relationships in the company,” said Ehst, adding he brings “fresh perspective.”
Though a succession plan is now in place, Jay Sidhu’s departure from the company does not sound imminent.
“I am not planning on retiring until we ... feel very confident we have a core strategy and core team in place for a bright longterm future for Customers Bancorp, Customers Bank and Bank Mobile,” Jay Sidhu said.
In other business, Jim Collins was also promoted to senior executive vice president and chief administrative officer of Customers Bank and its parent, and Andrew Bowman was named executive vice president and chief credit officer of Customers Bank.