Customers Bancorp, Inc. has announced a significant leadership transition, positioning Sam Sidhu to succeed Jay Sidhu as chief executive officer. This move formalizes a succession plan revealed in July 2023, enhancing the company’s governance and continuity as it prepares for this pivotal change. Jay Sidhu, the founder of both Customers Bank and Customers Bancorp, will retire from his role as CEO but will continue to serve as executive chairman.
Sam Sidhu’s appointment to the Board of Directors marks a crucial step in this transition. He has played a vital role in the growth of Customers Bancorp over the past decade, joining the board of Customers Bank in 2012. His ascent within the company has been rapid; he became chief operating officer in 2020 and was promoted to president and CEO of Customers Bank in 2021.
Dan Rothermel, lead independent director of Customers Bancorp, praised Sidhu’s leadership skills and strategic insight. “Sam has demonstrated outstanding leadership throughout his tenure with Customers Bancorp and Customers Bank,” Rothermel stated. “His appointment to the Board formalizes his integral role in shaping the future of our organization and reinforces the thoughtful succession planning the Board and management have executed.”
This leadership transition signifies a milestone for the institution, which has grown from modest beginnings into a national financial entity. Founded by Jay Sidhu, Customers Bank has successfully expanded from a distressed bank with approximately $200 million in assets to a robust organization with over $24 billion in assets, largely through organic growth rather than acquisitions.
“I’m deeply grateful to our Board of Directors for their trust and partnership as we continue this leadership transition,” Sam Sidhu remarked. He emphasized the importance of the bank’s disciplined culture and organic growth strategy as essential elements of its success. Sidhu expressed his commitment to leading Customers Bank while collaborating closely with the board.
Jay Sidhu reflected on the transition, underscoring the years of planning that have culminated in this moment. “I am incredibly proud of what we have built at Customers Bancorp and Customers Bank,” he noted. “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.”
With the board appointment now finalized and the executive transition on the horizon, Customers Bancorp is signaling stability to both investors and clients as it embarks on its next phase under this carefully orchestrated leadership handoff. The company’s strategic planning aims to ensure a seamless transition that aligns with its long-term objectives and fosters continued growth in the evolving financial landscape.
