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Webster Financial Falls After COO Plush Resigns: New York Mover

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Sept. 23 (Bloomberg) -- Webster Financial Corp. fell the most in almost a month after saying Chief Operating Officer Gerald P. Plush resigned to pursue other interests.

Webster fell 2.2 percent, to $24.91 at 10:43 a.m. in New York, the second-worst performance among 50 lenders in the KBW Regional Banking Index. The shares earlier dropped as much as 3.7 percent, the biggest intraday decline since Aug. 27.

Plush, who’s also a member of the board, “made a personal decision to pursue other career interests” and will resign as of Sept. 30, the Waterbury, Connecticut-based bank said today in a statement. Plush, 54, joined Webster as chief financial officer in 2006 and also served as chief risk officer. He became COO and joined the board in 2011, the company said.

“This is Jerry Plush’s decision, it’s something we respect and he’s had a very positive experience here,” Bob Guenther, a spokesman for Webster, said in a phone interview.

Webster, with $20.3 billion in assets as of June 30, has about 170 offices in Connecticut, New York, Rhode Island and Massachusetts.

To contact the reporter on this story: Laura Marcinek in New York at lmarcinek3@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; Christine Harper at charper@bloomberg.net

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