National Penn CEO to Retire

Banks

TSC Staff

09/27/06 - 04:49 PM EDT

National Penn Bancshares'(NPBC Quote) chairman and CEO, Wayne R. Weidner, announced after the bell Wednesday his plans to retire in December 2007.

Glenn E. Moyer, who joined National Penn in 1999 and is currently president of the holding company and president and CEO of National Penn Bank, will succeed Weidner as CEO of the company and chairman of the bank.

Weidner, who spent his entire career with the company, starting as a teller in 1962, has served as chairman, president and CEO since 2002.

Shares were slipping after-hours Wednesday by 64 cents, or 3%, to $19.74.

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