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September 16, 2020

New Webster Bank board member resigns over Amex conflict

Photo | Contributed A Webster Bank branch.
By Matt Pilon

The newest board member of Webster Bank and its parent company has resigned after just three months as a director.

Waterbury-based Webster Financial Corp., which is publicly traded, disclosed Tuesday that James P. Bush, named to the boards of both the bank and its holding company on June 17, recently resigned “in order to remedy a potential inadvertent regulatory conflict with respect to his simultaneous service on the board of directors of GBT JerseyCo Limited.”

GBT is a joint venture subsidiary of financial giant American Express focusing on business travel services. Bush was previously senior advisor to American Express’ CEO before retiring in 2018.
While Webster and many other banks market both Visa and American Express credit cards to customers, Webster did not disclose any details about the perceived conflict

between the two board positions cited by Bush, who was already on the GBT board when he was appointed at Webster three months ago. He notified Webster of his resignation, effective immediately, on Sept. 9.

“Mr. Bush is not resigning from the board due to any disagreement with the company on any matter relating to the company’s operations, policies, or practices,” Webster said in a filing with the U.S. Securities & Exchange Commision. “Mr. Bush expressed his continued support of the board, the management team and the company.”
 

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