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Wayne Savings Bancshares president, CEO resigns

H. Stewart Fitz Gibbon III, president, CEO, and director of Wooster, Ohio-based Wayne Savings Bancshares Inc. and Wayne Savings Community Bank resigned, effective Dec. 20.

The board appointed director David Lehman to serve as interim president and CEO of the company and the bank until it names a permanent replacement, which is expected to occur in the first quarter of 2017. The board has reduced its size to six from seven directors. Lehman has served on the board of the company and the bank since 2012.

The company expects Gibbon to receive approximately $245,000 in severance pay.