Michael Daly has resigned as president and CEO of Berkshire Hills Bancorp in Boston.
The $12 billion-asset company said in a press release Monday that Daly had stepped down, effective immediately. Richard Marotta, who had been president of Berkshire's bank, was named to succeed Daly.
Sean Gray, the bank's chief operating officer, replaced Marotta as bank president.
Berkshire did not disclose why Daly, 56, resigned. Daly, who had been the company's president and CEO since 2002, is available to assist with the CEO transition, Berkshire said.
“Mike’s commitment to the bank, our customers and our communities has been instrumental in Berkshire’s success. We thank him for his focus on creating the strong franchise we have today,” William Ryan, Berkshire's chairman, said in the release.
“Building on the company’s progress under Mike’s leadership, Richard is in a strong position to step into the CEO role," Ryan added. "He is deeply familiar with our strategy, our markets and our people. Richard, Sean and the rest of the executive team remain committed to growing Berkshire’s operations, executing on the strategic plan and delivering strong results.”
Marotta, who joined Berkshire in 2010, had been the bank's president since 2015. He has played a key role in Berkshire’s acquisitions and implemented the strategic plan for the company’s move to Boston, according to Monday's release.
Gray joined Berkshire in 2015.
“I am extremely proud of the accomplishments that the employees of the company have achieved during my time as CEO,” Daly said in the release.
“When I began my tenure 16 years ago, Berkshire Bank was one of the smallest banks headquartered in Massachusetts with some 300 employees," Daly added. "The company is now the largest with nearly 2,000 employees. I’ve built long lasting relationships with many employees during this time who I will continue to view as my family.”
Berkshire disclosed in a regulatory filing Monday that it will pay Daly $7.5 million over the next 18 months as part of a separation agreement. In return, Daly agreed to certain confidentiality and nonsolicitation provisions and a release of claims against the company.
