Wintrust Financial in Rosemont, Ill., is preparing for a new CEO.
The $53 billion-asset company said in a press release that Ed Wehmer will retire from the post on April 30. He will become executive chairman, a position he will hold until May 23, 2024, then serve as a senior advisor until the end of 2026.
Timothy Crane, Wintrust’s President, will succeed Wehmer as CEO. Crane was appointed to the company’s board, effective immediately.
H. Patrick Hackett Jr., Wintrust’s chairman, will become lead independent director.
“This marks the implementation of our comprehensive CEO transition plan, developed in close collaboration with current executive leadership, that we believe will ensure the necessary levels of continuity and provide all stakeholders with continued confidence in Wintrust’s future,” Hackett said in the release.
“We hired Tim to join our executive team in 2008 and promoted him to president … three years ago,” Wehmer said in the release. “Much of Wintrust’s success in the past 15 years has Tim’s fingerprints all over it.”