Timothy S. Crane, the current president of Wintrust Financial (WTFC), will assume the additional role of CEO, effective May 1. Crane also joined the company’s board of directors, effective immediately.
To ensure a smooth leadership transition, Edward J. Wehmer will continue to serve as founder and CEO of Wintrust through April 30. Subject to nomination and reelection by WTFC shareholders at the WTFC annual meeting, Wehmer will continue to serve on the Wintrust board of directors and will assume the role of executive chairman through May 23, 2024. Wehmer will then serve as founder and senior advisor through Dec. 31, 2026. H. Patrick Hackett, Jr., the current non-executive chairman of the WTFC board of directors, will continue to serve in that role and will assume the additional title of lead independent director. In addition, David A. Dykstra and Richard B. Murphy will continue in their current vice chair roles.
“Today’s announcement represents the result of a rigorous multi-year succession planning process conducted by the Wintrust board of directors and Wehmer. 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 Jr. said. “I speak for the entire board of directors in voicing our enthusiasm for Tim’s appointment and in expressing our confidence in Tim’s leadership capabilities, and in the strong, highly experienced and committed senior leadership team that will support Tim, as Wintrust continues to grow its exceptional customer-focused financial institution.
“I also wish to extend our gratitude to Ed Wehmer for his visionary leadership which led to the establishment of Wintrust and its growth and evolution during the past 31 years. Wintrust’s rise from one location with 12 employees and zero assets to a diversified banking and financial services enterprise with 5,200 employees, over 170 banking locations and $53 billion in assets represents an unprecedented success story that would not have taken place absent Ed’s extraordinary leadership.”
“We hired Tim to join our executive team in 2008 and promoted him to president of the company three years ago. Much of Wintrust’s success in the past 15 years has Tim’s fingerprints all over it,” Wehmer said. “He has been an extraordinary partner to me and brings the expertise, the experience and the values Wintrust needs to the CEO position. I am confident that now is the right time to pass the torch to Tim.
“The last 31 years have exceeded my wildest expectations when I and a few brave hearted colleagues opened the first bank in 1991. I am grateful for the opportunity to have created something special at Wintrust – a true community bank which has flourished due to our relentless focus on serving our customers and our communities. I look forward to supporting Tim in his new role and will continue to support Wintrust’s continued growth.”
“I am very thankful for this opportunity and for the Board’s, Ed’s, and the senior management team’s trust in me,” Crane said. “Wintrust will continue building upon its strong foundation that has made it the financial institution that families, business and communities count on every day. As the financial services industry continues to evolve and innovate, we will continue to focus on world-class customer service, disciplined lending processes and activities, user-friendly technology and straightforward and transparent communications. Importantly, we will continue to build upon our mantle as Chicago’s Bank® and Wisconsin’s Bank™. As such, Wintrust will maintain its deep commitment to the communities in which we operate, including philanthropic support of a wide variety of nonprofit organizations as well as an exemplary track record of helping meet the banking needs of underserved communities.”
Crane joined Wintrust in 2008 and has served as president of Wintrust since January of 2020. Prior to joining Wintrust, Crane worked in the banking industry for more than 24 years, most recently as president of Harris Bankcorp in Chicago.
