MID PENN BANCORP, INC.
FORM 8-K
| Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Appointment of Chief Financial Officer
On January 8, 2024, Mid Penn Bancorp, Inc. (the “Company”) announced the appointment of Justin T. Webb, the Company’s Senior Executive Vice President and Chief Operating Officer having over two decades of banking experience, to the position of Senior Executive Vice President and Chief Financial Officer.
Mr. Webb, 40, joined Mid Penn Bank in 2012 as Chief Credit Officer, subsequently serving as Chief Risk Officer from 2014 to 2018, and then serving as Senior Executive Vice President and Chief Operating Officer. As Chief Operating Officer, Mr. Webb was in charge of overseeing the Bank’s administration, operations, credit, security/facilities groups, as well as the Bank’s acquisition transitions. In his current role as Chief Financial Officer, Mr. Webb is responsible for the overall financial management of the Company, including accounting operations, interest rate risk, liquidity, financial planning, and mergers and acquisitions. He also serves as the financial advisor to the Chief Executive Officer and Board of Directors.
Prior to joining Mid Penn Bank, Mr. Webb was employed by Bank of America and served as Vice President and Credit Risk Manager for the Commercial Real Estate Bank. Mr. Webb holds a Bachelor’s Degree in Finance from the University of Pittsburgh and serves on the Board of the University of Pittsburgh Business Alumni Association.
Mr. Webb is a party to an employment agreement, change in control agreement and supplemental executive retirement plan agreement, each of which is described in the Company’s definitive proxy statement for the 2023 Annual Meeting of Shareholders, as filed with the Securities and Exchange Commission on March 24, 2023, and a copy of which is attached to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Mr. Webb’s spouse, Julie Webb, has been employed by Mid Penn Bank since 2020. She currently serves as Senior Vice President, Director of Risk Management Services for MPB Risk Services, LLC, a subsidiary of the Company. In such role, Ms. Webb earned compensation in excess of $120,000 in 2023, and received retirement, health and wellness benefits, all on comparable terms as those provided for other employees of the Bank. Pursuant to the Company’s Related Person Transactions Policy, the Audit Committee reviewed and approved the details of Ms. Webb’s employment.
The Company has identified and will make a subsequent announcement regarding Mr. Webb’s successor as Chief Operating Officer.