Latest news with #Customers
Yahoo
6 days ago
- Business
- Yahoo
Customers Bancorp Announces Executive Leadership Transition
Sam Sidhu to succeed Jay Sidhu as CEO WEST READING, Pa., July 25, 2025--(BUSINESS WIRE)--Customers Bancorp, Inc. (NYSE: CUBI) announced today that Jay Sidhu, Chairman and CEO, will be retiring as CEO of the company and transitioning to the role of executive chairman effective January 1, 2026. The organization has appointed Sam Sidhu to succeed Jay Sidhu as CEO. Jay Sidhu will continue as executive chairman of both Customers Bancorp and Customers Bank and will remain on its Board of Directors. Jay Sidhu, 73, founded Customers Bank and Customers Bancorp by investing in a small Chester County, Pa.-based institution with a vision to build a forward-thinking, client-focused bank. Under Jay's leadership of Customers Bancorp, Customers Bank has become a top-performing national organization growing from a distressed bank with approximately $200 million in assets to over $22 billion in assets, without any material acquisitions. Today, the market cap of Customers Bancorp has grown to approximately $2 billion from the original $17 million investment to acquire a bank charter. This was driven by a belief that a forward thinking, innovative and client-focused approach executed by a high quality team can produce hundreds of millions of dollars in market value even in the banking sector. Jay and the team's entrepreneurial spirit and resulting successes have solidified Customers' culture and reputation as an innovative and forward-thinking bank. Prior to founding Customers, Jay was co-founder, chairman and chief executive officer of Sovereign Bank and Sovereign Bancorp Inc. During his 20-year career at Sovereign, he grew the organization from an IPO value of $12 million to the 17th largest banking institution in the U.S., with a market cap approaching $12 billion and achieving about 20% average annual returns for long-term shareholders. "As I look toward the future and consider retirement, the time has come for me to scale back my day-to-day involvement at Customers Bancorp. I know I can do so with immense pride in what we built and deep gratitude for the team, clients and communities who place their trust in us," said Jay Sidhu. "I look forward to continuing to work with the Board to provide strategic guidance while we continue to grow Customers as an innovative and sound bank that is built to last." "I have had the pleasure of working with Jay, one of the true visionaries of our industry, for over 30 years," said Customers Bancorp Lead Independent Director, Dan Rothermel, who was also the Lead Independent Director of Sovereign Bank. "Six years ago, the board initiated a selection process and chose Sam as a successor to the COO. It was one of the best decisions at the time, and we cannot be happier that he has been appointed CEO. We are thrilled with Sam's leadership style and couldn't be more pleased to have a thoughtful, strategic and dynamic leader step into Jay's shoes. Our best years are still ahead of us." Sam Sidhu, 41, will retain his titles as president of Customers Bancorp and president and chief executive officer of Customers Bank. He was named COO of Customers Bank in 2020, after serving on its board for eight years. Sam was then promoted to President and Chief Executive Officer of Customers Bank in July 2021. Under his leadership, the Bank has embraced technological advances and expanded the company's product offerings, services and markets; and doubled its assets while transforming its deposit franchise. These efforts have created significant value for shareholders, with the stock price increasing nearly 500% over the past five years. Prior to joining Customers Bank, Sam founded and served as CEO of Megalith Capital Management, a real estate-focused private equity firm. He previously worked in private equity with Providence Equity Partners and investment banking with Goldman Sachs. Sam holds a BA from the Wharton School of Business at the University of Pennsylvania and an MBA from the Harvard Business School. "It is an honor to receive this vote of confidence, and I look forward to working with our exceptional team and board of directors to constantly strive to delight our clients and produce above average returns for our shareholders," said Sam Sidhu. "As Customers Bank turns this important page, one thing remains unchanged: our relentless commitment to the people we serve and the entrepreneurial spirit that has defined us since day one." Institutional Background Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation's top-performing banking companies with over $22 billion in assets, making it one of the 80 largest bank holding companies in the U.S. Customers Bank's commercial and consumer clients benefit from a full suite of technology-enabled tailored product experiences delivered by best-in-class customer service distinguished by a Single Point of Contact approach. In addition to traditional lines such as C&I lending, commercial real estate lending and multifamily lending, Customers Bank also provides a number of national corporate banking services to specialized lending clients. Major accolades include: No. 1 on American Banker 2024 list of top-performing banks with $10B to $50B in assets No. 72 out of the 100 largest publicly traded banks in 2025 Forbes Best Banks list 2024 Inc. Magazine Best in Business List in Financial Services Category Net Promoter Score of 73 compared to industry average of 41 A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender. Learn more: View source version on Contacts Jordan BaucumHead of Corporate Communications(951) 608-8314jbaucum@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
6 days ago
- Business
- Business Wire
Customers Bancorp Announces Executive Leadership Transition
WEST READING, Pa.--(BUSINESS WIRE)--Customers Bancorp, Inc. (NYSE: CUBI) announced today that Jay Sidhu, Chairman and CEO, will be retiring as CEO of the company and transitioning to the role of executive chairman effective January 1, 2026. The organization has appointed Sam Sidhu to succeed Jay Sidhu as CEO. Jay Sidhu will continue as executive chairman of both Customers Bancorp and Customers Bank and will remain on its Board of Directors. Jay Sidhu, 73, founded Customers Bank and Customers Bancorp by investing in a small Chester County, Pa.-based institution with a vision to build a forward-thinking, client-focused bank. Under Jay's leadership of Customers Bancorp, Customers Bank has become a top-performing national organization growing from a distressed bank with approximately $200 million in assets to over $22 billion in assets, without any material acquisitions. Today, the market cap of Customers Bancorp has grown to approximately $2 billion from the original $17 million investment to acquire a bank charter. This was driven by a belief that a forward thinking, innovative and client-focused approach executed by a high quality team can produce hundreds of millions of dollars in market value even in the banking sector. Jay and the team's entrepreneurial spirit and resulting successes have solidified Customers' culture and reputation as an innovative and forward-thinking bank. Prior to founding Customers, Jay was co-founder, chairman and chief executive officer of Sovereign Bank and Sovereign Bancorp Inc. During his 20-year career at Sovereign, he grew the organization from an IPO value of $12 million to the 17th largest banking institution in the U.S., with a market cap approaching $12 billion and achieving about 20% average annual returns for long-term shareholders. 'As I look toward the future and consider retirement, the time has come for me to scale back my day-to-day involvement at Customers Bancorp. I know I can do so with immense pride in what we built and deep gratitude for the team, clients and communities who place their trust in us,' said Jay Sidhu. 'I look forward to continuing to work with the Board to provide strategic guidance while we continue to grow Customers as an innovative and sound bank that is built to last.' 'I have had the pleasure of working with Jay, one of the true visionaries of our industry, for over 30 years,' said Customers Bancorp Lead Independent Director, Dan Rothermel, who was also the Lead Independent Director of Sovereign Bank. 'Six years ago, the board initiated a selection process and chose Sam as a successor to the COO. It was one of the best decisions at the time, and we cannot be happier that he has been appointed CEO. We are thrilled with Sam's leadership style and couldn't be more pleased to have a thoughtful, strategic and dynamic leader step into Jay's shoes. Our best years are still ahead of us.' Sam Sidhu, 41, will retain his titles as president of Customers Bancorp and president and chief executive officer of Customers Bank. He was named COO of Customers Bank in 2020, after serving on its board for eight years. Sam was then promoted to President and Chief Executive Officer of Customers Bank in July 2021. Under his leadership, the Bank has embraced technological advances and expanded the company's product offerings, services and markets; and doubled its assets while transforming its deposit franchise. These efforts have created significant value for shareholders, with the stock price increasing nearly 500% over the past five years. Prior to joining Customers Bank, Sam founded and served as CEO of Megalith Capital Management, a real estate-focused private equity firm. He previously worked in private equity with Providence Equity Partners and investment banking with Goldman Sachs. Sam holds a BA from the Wharton School of Business at the University of Pennsylvania and an MBA from the Harvard Business School. 'It is an honor to receive this vote of confidence, and I look forward to working with our exceptional team and board of directors to constantly strive to delight our clients and produce above average returns for our shareholders,' said Sam Sidhu. 'As Customers Bank turns this important page, one thing remains unchanged: our relentless commitment to the people we serve and the entrepreneurial spirit that has defined us since day one.' Institutional Background Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation's top-performing banking companies with over $22 billion in assets, making it one of the 80 largest bank holding companies in the U.S. Customers Bank's commercial and consumer clients benefit from a full suite of technology-enabled tailored product experiences delivered by best-in-class customer service distinguished by a Single Point of Contact approach. In addition to traditional lines such as C&I lending, commercial real estate lending and multifamily lending, Customers Bank also provides a number of national corporate banking services to specialized lending clients. Major accolades include: A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender.
Forbes
16-07-2025
- Business
- Forbes
As Data Breaches Soar, C-Suite Looks to Customer Data Management
Customer data management (CDM) best practices have never been more crucial to today's brands as they face escalating data breaches, which come with severe brand trust, balance-sheet, and customer retention issues. Throw rising competition, increased customer expectations, and a growing need for improved decision-making into the mix, and the need for strong CDM practices makes its own case. Companies need to move, store, and analyze party data so that they can effectively target customers and offer deep personalization. Most importantly, data security is especially critical to brands and businesses today – a data breach can cost companies millions within moments and break customer trust for a lifetime. The complication of data breaches create a heightened demand for corporate accountability related to data security Customers are expected to hand over their data today in most interactions with brands and businesses, but consumer frustrations are mounting as more and more data breaches and hacks occur. The calls for accountability are coming from both the consumers, as well as legislators, with good reason. For many businesses, manual data-gathering efforts using Excel spreadsheets work—up to a point. As the company grows, however, so does the data and the need to make sense of it. This can quickly become unwieldy and unhelpful: Organizations can easily get lost and overwhelmed in large data sets and lose out on potentially valuable insights that help them stand out to their customers and improve the customer journey. That's when it's time for a big change—enter customer data management strategies and solutions. Winding path-to-purchase requires deep customer understanding Unlike past decades, when channels were separate and siloed, today's path-to-purchase is a long and winding road. Multiple touchpoints, both online and off, need to stay connected— including email, CRM, e-commerce, social media, and retail POS. That means it's essential for organizations to deeply understand the customer at every stage. Customer loyalty will soon depend on a company's willingness to protect customer information with the same fervor they pursue revenue. Making sense of the data allows customers to be valued more A range of cloud-based solutions are now commonly used for customer data management that serves as the centralized, beating heart of the effort to improve customer acquisition, satisfaction, and retention; improve customer visibility and targeted communication, and boost data quality. Ultimately, businesses need customer data management to work towards achieving a single customer view that allows them to provide the seamless customer experience that consumers have come to expect, as well as calculate important metrics such as the Customer Lifetime Value (CLV). However, it's not just about the technology: It's about the strategies, policies, and actions that make customer data management an effective effort that helps drive growth. Customer data management best practices: 7 important points brands should consider Following are seven best practices for customer data management: Data needs to be managed with internal standards and policies, to ensure that the organization handles data assets properly throughout the data lifecycle. Make sure the entire company is aligned, across the board, in terms of what data is collected, data points, and how it will be tracked and used. Data protection regulations, such as the European Union's General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) are on the rise. The right customer data management platform should make compliance with customer data regulations easy and straightforward. It's important to determine what specific types of data are most effective to serve your customers and achieve your marketing goals. There are a variety of data categories and industry-specific data to consider, from your customer's identity data, loyalty program information, and online transactional data to demographic information, social media data, and qualitative data about attitudes and opinions. Not only are data leaks and breaches becoming more costly every year—the average cost of a data breach in 2024 was $4.9 million—but these events can also severely impact a company's reputation, as well as its bottom line. If you aren't steering the security ship and communicating your commitment, you run the risk of falling into consumer doubt. After all, customers want to know their information is safe. It's essential to choose a customer data management platform that has the right security standards and practices in place. According to an IBM report, 83% of companies suffer from data inaccuracy. Not only is outdated, inaccurate data not useful, but customer satisfaction and decision-making may suffer and lead to rising costs. The key to good customer data management is making sure customer data is regularly cleaned: That is, validating and updating information including email addresses, phone numbers, and addresses, as well as removing duplicates and deleting unnecessary contacts. Forbes noted that companies now house an average of 15 silos of customer data. It doesn't have to be that way: Don't allow useful data such as call-center information, sales leads, emails, or finance communication to become useless, trapped in department and technology silos. Data needs to be securely shared and accessible, in ways that promote collaboration, problem-solving, and improved decision-making. A complete, omnichannel customer journey includes customer profiles filled out with profile, activity, event, demographic and behavioral data, as well as data related to intent and perception. Getting to that goal requires robust end-to-end customer data management solutions that are highly scalable and can store billions of profile and consent records. It's not enough to have customer data or even a holistic profile. Identity data must be collected and managed appropriately throughout the entire customer lifecycle. That means providing a frictionless customer experience with flexible registration, secure interaction touchpoints, and simplified authentication based on real-time, data-driven insights. The future of customer data is bright—and unified Today's buyers are in control. With a quick click or swipe, they can abandon a brand and make a quick move to the competition, or they can remain long-term loyalists. That means customers —their wants, their needs, their preferences, their expectations—need to be at the heart of every business. Companies have to understand how to gather and analyze the right data in order to collect insights that help them deliver meaningful, seamless experiences to their buyers. This is the promise and power of customer data management best practices: With the right platform that integrates with a company's existing sales and marketing technologies, customer data management helps brands deeply understand their customers through a holistic, unified, centralized, real-time view of data. But organizations also need to follow best practices and prioritize successful strategies in order to make customer data management successful. Effective data management is a promise to customers and an investment in your future. The first step is deciding to take control. You can do that today. This post was first published on The Future of Commerce and is republished here with permission.
News.com.au
12-07-2025
- Business
- News.com.au
$7 Aldi Bulk Buys kitchen item Aussies begging for returns
A popular kitchen item from a German supermarket chain is finally back on shelves after customers begged for its return. Aldi's popular Bulk Household Special Buys range is back from July 16 and it is set to feature the fan favourite Goliath 300m Cling Wrap. The cling wrap retails for $6.99. Customers have been begging for the item's return, with some revealing it had lasted them more than two years. 'Finally finished the 300m cling wrap after two years and three months,' one Aldi fan revealed. 'And then hubby bought the 600m today. Guess we don't need another box for four-and-a-half-years.' Another declared the item 'worth it' after purchasing it for her family of six. 'You can see they lasted us a while and still looks like there is a fair bit on each roll. I'd hate to think how many 30m rolls at Coles or Woolworths I would have bought at that time for $5 I would have bought in that time.' The cling wrap was given a 78 per cent rating by CHOICE after it noted no pulling or tearing with use, and a 'good sealing performance'. Other items in the Bulk Household Special Buys include the $10.99 Baking Paper 90m. the $16.99 Aluminium Foil 150m, $24.99 Laundry Powder 5kg and the $7.99 Super Strength Dishwashing Liquid 3L. In 2022, customers were stunned to discover there was a cling wrap cutter hidden at the end of the roll. 'Whoever the clever person was that mentioned the cling wrap cutter … a thousand thanks,' one woman shared, after being directed to it by another fan. In a second image it showed if customers opened the side of the box, it was hidden inside the roll. Hundreds of social media comments rolled in, with many stunned at the revelation. 'OMG I just found it after using the cling wrap for at least six months,' one person said. 'I just wasted a bit just to see how easily it cut.' The Goliath Cling Wrap 30m, which retails for $1.65, comes with a standard cutter and is part of the every day range. However, the 300m is part of the Special Buys and the cutter is found inside the tube.
The Independent
10-07-2025
- General
- The Independent
McDonald's Snack Wrap returns with some changes
McDonald's has reintroduced its popular Snack Wrap to the menu after a nine-year absence. The returning Snack Wraps are available in Ranch and Spicy flavors, each priced at $2.99. The new wraps feature the chain's McCrispy Strip, shredded lettuce, cheese, and either ranch dressing or Spicy Pepper sauce, all encased in a tortilla. Many customers have voiced disappointment regarding the absence of previously popular flavors like Honey Mustard and Barbecue, and the use of McCrispy Strip instead of the original Chicken Selects. First launched in 2006 and credited with boosting sales, the Snack Wrap was discontinued in 2016 due to its perceived complexity in preparation.
