Rosemont, Ill.-based Wintrust Financial will appoint President Timothy Crane to also serve as CEO, effective May 1. Crane was immediately appointed to the Wintrust board of directors.
Wintrust Founder Edward Wehmer will continue as CEO through April 30. Wehmer, who established the now-$53 billion bank in 1991, will continue to serve on the board and become executive chair through May 23, 2024, subject to nomination and reelection by company shareholders. Following his time as executive chair, Wehmer is expected to serve as a senior adviser through 2026.
“I am grateful for the opportunity to have created something special at Wintrust — a true community bank which has flourished due to our relentless focus on serving our customers and our communities,” Wehmer said. “I look forward to supporting [Crane] in his new role and will continue to support Wintrust’s continued growth.”
A 24-year banker, Crane was president of Harris Bankcorp, Chicago, before he joined Wintrust in 2008. He was named president in January 2020. Wintrust Board Chair Patrick Hackett Jr. noted that Craine’s appointment follows “a rigorous, multi-year succession planning process conducted by the Wintrust board of directors and Wehmer.”