One of the region’s biggest banks is getting some new leadership.
After 31 years with Wilmington Trust, Chairman and CEO Ted Cecala has decided to retire from the leading retail and commercial bank in Delaware. Replacing Cecala as CEO will be former ITT Corporation treasurer Donald Foley, who has been on the bank’s board of directors since 2006.
Cecala says his decision to leave Wilmington Trust after 31 years is bittersweet. “We have built one of the strongest banks in the Mid-Atlantic region, strengthened our reputation as a premier provider of fiduciary and wealth management services, and become a leading global provider of services for corporate clients,” said Cecala. He says he’s been discussing his plans to step down with the board of directors for some time, and he didn’t want to retire as the bank was coping with the ramifications of the economic downturn, “Given signs that the economy is starting to improve, and considering the strength of our financial conditions, all of us agreed that now was the time to make the transition to new leadership.”
As Foley takes the helm he says, “We have the right financial foundation, the right management team, and the best staff in place to continue to execute on our growth plan, build shareholder value, and help our clients succeed.” In an effort to ensure a smooth transition, Foley will become CEO immediately, but Cecala will hold his position as chairman through July 19. The board will elect a new chairman after that time.