Wayne Savings Bancshares in Wooster, Ohio, is looking for a new CEO.
Stewart Fitz Gibbon resigned Dec. 20 as president and CEO of the $446 million-asset company and of Wayne Savings Community Bank, according to a regulatory filing. The company did not provide a reason for his resignation. He will receive $245,000 in severance.
Company director David Lehman was named his interim replacement and Wayne Savings expects to name a permanent successor in the first quarter.
Fitz Gibbon, who was 59 as of the company's April proxy statement, joined Wayne Savings as chief financial officer in 2005 and was named CEO in November 2014.
Lehman, 69, has been a Wayne Savings director since 2012 and previously was president of Mennonite Mutual Insurance Co. in Orrville, Ohio. Lehman will receive an annual salary of $200,000 until his replacement is hired.