Berkshire Hills Bancorp, Inc. Announces Executive Leadership Transition

Rhea-AI Summary

Berkshire Hills Bancorp (NYSE: BHLB) announced the resignation of Richard M. Marotta as President and CEO to pursue new opportunities, effective Aug. 10, 2020. The Board appointed Sean A. Gray, the current Senior Executive Vice President, as Acting President and CEO. A search for a permanent CEO will commence, with Gray as a candidate. Marotta’s tenure saw the bank's assets double to $13.1 billion, and he implemented significant community-focused initiatives. The leadership transition aims to leverage Gray's deep knowledge of the bank and maintain its commitment to corporate responsibility.

Positive

• Sean A. Gray's appointment as Acting President and CEO may bring continuity and a fresh perspective.
• Gray's extensive experience within the company supports strong leadership during the transition.

Negative

• Richard Marotta's departure could create uncertainty about future strategic direction.
• The leadership transition may lead to potential continuity risks while searching for a permanent CEO.

BOSTON, Aug. 10, 2020 /PRNewswire/ -- Berkshire Hills Bancorp, Inc. (NYSE: BHLB) the parent company of Berkshire Bank, announced today that Richard M. Marotta has stepped down from his position as President and Chief Executive Officer of the Company and CEO of the Bank, as well as from his role as a Director to pursue new opportunities. The Bank's leadership succession planning process concluded with the Board choosing Sean A. Gray, current Senior Executive Vice President of the Company and President and Chief Operating Officer of the Bank, to serve as Acting President and CEO for the Company. The Board will initiate a CEO search process to consider candidates inside and outside of Berkshire, and Mr. Gray will be a candidate in that search process.

"On behalf of the entire Board, we are grateful for Richard's dedication to the Bank during his tenure as CEO and over his entire career of over 10 years with Berkshire. We wish him the best in all his future endeavors," said J. Williar Dunlaevy, Chairman of the Board of Berkshire Hills Bancorp. "We have confidence in Sean Gray's leadership ability, and we expect Berkshire to benefit from his deep understanding of the Bank and his commitment to build on Richard's legacy of an inclusive, innovative, and supportive culture. Sean has strong relationships across the Bank as well as with key external stakeholders and will be supported by a very strong executive management team and a talented group of team members."

"I am proud to have been part of the leadership team that doubled the size of the Bank to $13.1 billion in assets, while overseeing the successful integration of numerous bank acquisitions, and achieving targeted merger efficiencies and market share retention," said Richard Marotta. "And as CEO, I am most proud to have established and implemented the Bank's Be FIRST values, making social responsibility an integral component of the Bank's identity as a purpose driven 21st century community bank."

As CEO, in addition to the implementation of the Bank's Be FIRST values, Mr. Marotta led the launch of Reevx Labs™, the Bank's initiative for investment in local communities to help individuals and small businesses access banking services and capital. Under Mr. Marotta's tenure, the Bank expanded its outreach to diverse communities, achieved greater diversity in its executive/senior management ranks, and has been recognized as a leader among its peers in Environmental, Social & Corporate Governance rankings.

About Sean A. Gray

Mr. Gray has been President and Chief Operating Officer of Berkshire Bank since November 2018, and also served as Senior Executive Vice President of Berkshire Hills Bancorp, Inc. from 2015. Prior to his appointment as Bank President, he previously served as Senior Executive Vice President and Chief Operating Officer of Berkshire Bank from 2015. Mr. Gray joined Berkshire in 2007 as First Vice President, Retail Banking and has held various positions including Executive Vice President, Retail Banking. In addition to his current management responsibilities, Mr. Gray has also overseen Human Resources, Marketing, Investor Relations, and Facilities. He also currently serves as President of Berkshire Bank Foundation. Prior to joining the Bank, Mr. Gray was Vice President and Consumer Market Manager at Bank of America in Waltham, Massachusetts.

About Berkshire – Headquartered in Boston, Berkshire Hills Bancorp is the parent of Berkshire Bank, with approximately $13.1 billion in assets and operating 130 banking offices in seven Northeastern states. The Bank is transforming into a 21^st century community bank pursuing purpose driven performance based on its Be FIRST corporate responsibility culture. It provides business and consumer banking, mortgage, wealth management, investment, and insurance services. Berkshire Bank was awarded the Top Corporate Steward Citizens award by the US Chamber of Commerce Foundation in 2019 for the small – middle market business category. To learn more about the Bank, visit www.berkshirebank.com, call 800–773–5601 or follow us on: Facebook, Twitter, Instagram, and LinkedIn.

Investor Relations Contacts: 
James Moses, CFO/SEVP 
Email: jmoses@berkshirebank.com 
Tel: (617) 641-9281

David Gonci, Capital Markets Director 
Email: dgonci@berkshirebank.com 
Tel: (413) 281-1973

Media Contacts: 
John Lovallo 
Email: jlovallo@levick.com 
Tel: (917) 612-8419

Cate Cronin 
Email: ccronin@levick.com 
Tel: (202) 738-7302

 

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SOURCE Berkshire Hills Bancorp, Inc.

FAQ

What is the reason for Richard M. Marotta's resignation from Berkshire Hills Bancorp?

Richard M. Marotta stepped down to pursue new opportunities after over 10 years with the bank.

Who is the new Acting President and CEO of Berkshire Hills Bancorp?

Sean A. Gray has been appointed as Acting President and CEO following Marotta's resignation.

What will happen after the resignation of Richard M. Marotta?

The Board will initiate a search for a permanent CEO, considering candidates both internally and externally.

What achievements did Richard Marotta have during his tenure at Berkshire Hills Bancorp?

Marotta led the bank's assets to grow to $13.1 billion and implemented community-focused initiatives.

How does Sean A. Gray's background benefit Berkshire Hills Bancorp?

Gray's extensive experience within the company and leadership roles positions him well to lead during the transition.