Customers Bancorp Picks New CFO

New chief financial officer will earn as much as twice what departing CFO got.

Rich Smith
Rich Smith
Jul 16, 2013 at 5:18PM
Financials

Wyomissing, Pa.-based Customers Bancorp (NYSE:CUBI) has a new CFO.

On Tuesday, Customers Bancorp announced that Interim Chief Financial Officer James D. Hogan intends to retire from the bank on Aug. 13. Replacing Hogan will be Robert E. Wahlman, a new hire from Doral Financial, who will join Customers initially in the post of executive vice president on Aug. 5, and then be promoted to permanent CFO on the 13th.

In a simultaneous filing with the SEC, Customers said Hogan will be paid an annual base salary of $315,000 during his first two years with the bank, with a "bonus opportunity" to receive as much as 50% of his base salary. He will also receive 20,000 stock options, and an $800-a-month car allowance.

In contrast, the executive he is replacing, Hogan, received only $180,550 in total compensation in 2012, according to data from Salary.com. Hogan's base salary in particular was described as being just under $117,000.