S&T Bancorp has announced that the chairperson for the board of directors is stepping down.
Christine Toretti has notified the board of her intent to resign on September 28th with respect to her recent appointment as the U.S. Ambassador to Sweden by the Senate. CEO Christopher McComish said that he and the board were “indebted to Christine for her commitment to S&T during her tenure as chair of the board.” She had served on the board for over 40 years.
Following her notice, the board approved combining the roles of CEO and chairperson and appointing a lead independent director that would start on the 28th. According to an announcement from the bank, the new lead independent director will serve as a liaison between the CEO and the independent directors, along with supervising some board operations and governance, making sure the board fulfills its oversight responsibilities and fosters an effective, engaging and independent board culture.
This means that McComish will be appointed as the board chair and Jeffrey Grube as the independent director.
