WSFS Financial Corp Director Departs; Compensation Details Filed

TL;DR

WSFS director John Gallagher out, compensation details filed. Board changes afoot?

AI Summary

WSFS Financial Corporation announced on May 21, 2024, the departure of director John R. Gallagher, effective May 17, 2024. The company also reported on compensatory arrangements for its named executive officers and provided financial statements and exhibits. No specific dollar amounts or new appointments were detailed in this filing.

Why It Matters

The departure of a director can signal changes in board strategy or governance. The filing also provides updates on executive compensation, which is of interest to investors.

Risk Assessment

Risk Level: low — This filing primarily concerns director departure and routine compensation disclosures, with no immediate financial impact indicated.

Key Players & Entities

• WSFS Financial Corporation (company) — Registrant
• John R. Gallagher (person) — Departing Director

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share WSFS Nasdaq Global Select Mar
• $575,000 — o Mr. Burg (1) an annual base salary of $575,000; (2) a sign-on cash bonus of $575,000 t
• $600,000 — stricted stock units ("RSUs") valued at $600,000 and $800,000, vesting over three and tw
• $800,000 — k units ("RSUs") valued at $600,000 and $800,000, vesting over three and two years, resp
• $379,500 — r. Burg a short-term incentive award of $379,500 for 2024 and a long-term incentive awar
• $161,000 — RSUs and PSUs, with the RSUs valued at $161,000 and vesting over three years, in each c
• $597,000 — acci's base salary will be increased to $597,000. For more information regarding Mr. Bac

Filing Documents

• wsfs-20240521.htm (8-K) — 33KB
• wsfspressrelease-davidbu.htm (EX-99.1) — 8KB
• wsfspressrelease-davidbu001.jpg (GRAPHIC) — 274KB
• wsfspressrelease-davidbu002.jpg (GRAPHIC) — 232KB
• 0001628280-24-024544.txt ( ) — 866KB
• wsfs-20240521.xsd (EX-101.SCH) — 2KB
• wsfs-20240521_lab.xml (EX-101.LAB) — 21KB
• wsfs-20240521_pre.xml (EX-101.PRE) — 12KB
• wsfs-20240521_htm.xml (XML) — 3KB

01 Regulation FD

Item 7.01 Regulation FD. On May 21, 2024, the Company issued a press release regarding the appointments of Messrs. Burg and Bacci. A copy of the press release is attached hereto as Exhibit 99.1. This information (including Exhibit 99.1) has been "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference in any filing or other document under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing or document.

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains estimates, predictions, opinions, projections and other "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company's predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects, and management's outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words "will," "believe," "expect," "anticipate," "plan," "estimate," "threshold," "target," "stretch," "project" and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company's control) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to, those discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and other documents filed by the Company with the SEC from time to time. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date on which they are made, and the Company disclaims any duty to revise or update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company for any reason, except as specifically required by law.

01 Financial Statements and Other Exhibits

Item 9.01 Financial Statements and Other Exhibits. (d) Exhibits. 99.1 Press release dated May 21, 2024 104 Cover Page Interactive Data File (Embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. WSFS FINANCIAL CORPORATION Date: May 21, 2024 By: /s/ Arthur J. Bacci Arthur J. Bacci Executive Vice President, Chief Wealth Officer and Interim Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR