A former hedge fund manager who now handles some investments for Warren Buffett's Berkshire Hathaway has left the board of WSFS Financial (WSFS).
Meanwhile, the Wilmington, Del., banking company has nominated new directors from DuPont and IBM.
Ted Weschler, a former managing partner of Peninsula Capital Advisors, decided to not seek reelection to the board, the $4.4 billion-asset WSFS said Monday in a regulatory filing. Weschler had been a WSFS director from 1992 to 2007, and again starting in 2009; he joined Berkshire Hathaway (BRK/A) last year. Along with Weschler, two other WSFS directors will retire from the board, Dennis Klima and William Chandler.
To fill two of the three seats being vacated, WSFS nominated two directors: Eleuthère I. du Pont, a director of chemical manufacturer DuPont, which is also based in Wilmington; and David Turner, a vice president and partner with IBM's global business services unit.
WSFS has not yet scheduled its annual meeting. WSFS last year said it would reduce the size of its board and add younger directors. The announced moves will reduce the board to 10 directors.