On January 24, 2024, Webster Financial Corporation appointed Luis Massiani, currently President and Chief Operating Officer of Webster Bank, N.A., as the Company?s President and Chief Operating Officer, effective as of February 1, 2024, to serve in such capacity until his successor is duly appointed, or his earlier termination, resignation, death or removal from office. Mr. Massiani will continue to serve as Chief Operating Officer and Senior Executive Vice President of the Bank. Also effective February 1, 2024, John Ciulla, currently President and Chief Executive Officer of the Company and Chief Executive Officer of the Bank, will assume the role of President of the Bank.

Mr. Cuilla will continue to serve as Chief Executive Officer of both the Company and the Bank. As previously disclosed, in connection with Webster?s merger with Sterling Bancorp, on January 31, 2022, Jack L. Kopnisky was appointed Executive Chairman of the Company?s and the Bank?s Boards of Directors (together, the ?Boards ?) and was a named executive officer in the Proxy Statement. Pursuant to the Company?s Bylaws, as amended, effective as of January 31, 2024 (the 24-month anniversary of the effective time of Merger), Mr. Kopnisky will cease to serve as a member of both Boards and will instead serve as a strategic consultant to the Company and the Bank.

Following Mr. Kopnisky?s departure, Mr. Ciulla will succeed Mr. Kopnisky as Chairman of both Boards and the size of the Company?s Board of Directors will be decreased by one member to 14 directors.