Suffolk, Va. - Virginia Beach Mayor Will Sessoms has stepped down as President and Chief Executive Officer of Townebank Financial Services.
According to a release sent on Tuesday evening, Sessoms will be taking an early retirement, which is the result of a change in corporate policy forbidding members of the management team from holding elective office.
On November 26th, the Board of Directors of Townebank voted to require Sessoms to choose between his position as mayor of Virginia Beach or his position with the bank.
Sessoms will have three years of his base salary of $425,000 in addition to health, life, and other insurance benefits. He will also receive his annual retirement of $215,104 for 15 years starting at the age if 65.
“Because this new requirement is retroactive, meaning Will could not have known when he ran for political office that the policy would change, we are rightfully honoring all of the financial terms under his 2005 employment contract and his retirement plan,” said G. Robert Aston, Jr., Chairman and CEO of TowneBank.
“We are grateful for the exceptional leadership that Will has provided to our Financial Services Group and to our entire company. All of us here in the Towne family thank him for all of his many contributions and wish him well in his future endeavors,” said Aston. Sessoms’ current duties in the company will be assumed on a temporary basis by Aston and TowneBank President, J. Morgan Davis.