Dorothy Savarese stepped down this year as president and CEO of Cape Cod 5, the bank she led for 17 years. But as executive chair of the bank in Hyannis, Massachusetts, her schedule remains packed — albeit more compact.
She estimates that she now works 40 hours a week instead of 60. "The most exciting part is that I don't have to participate in the 5:15 a.m. planning calls when inclement weather threatens," and leaders must decide whether to close branches, delay openings or ask people to work from home, Savarese said.
Instead of overseeing the bank's day-to-day operations, she is deepening the bank's role in a variety of community initiatives. She has served on a county committee overseeing distribution of funds under the American Rescue Plan Act, for example, and became president of the Cape Cod Climate Change Collaborative, a nonprofit whose mission she has long supported.
Savarese also joined Massachusetts' Commission on Clean Heat, which is exploring ways to reduce greenhouse gas emissions from heating fuels. As part of the role, Savarese dove into the details of building electrification and heat pumps. For a few moments, she joked, she understood the first and second laws of thermodynamics.
Savarese, who spent 29 years at Cape Cod 5, plans to retire as the bank's executive chair in May 2023. She was succeeded as CEO this year by Matt Burke. He had been co-president since 2019 alongside Bert Talerman, who was named president.
"I saw it as one of my chief responsibilities to provide for a smooth transition and to hand my role off so that the bank can continue to serve our customers, communities and employees into the future," Savarese said.
In her last year at the helm, Cape Cod 5 posted record net income of $47.6 million and a return on average assets of 1.05%. The bank also created a loan pool for private child care providers so they could reopen their facilities, which have been crucial for working parents, through the ups and downs of the COVID-19 pandemic
To create a more equitable workplace, the bank announced last year that all employees, regardless of tenure or role, would get four weeks of paid time off and five paid sick days.
"For years, I have been committed to building a workplace culture that is based on respect, inclusivity, transparency and fun, and one in which all employees are treated equitably and where diversity of all kinds is celebrated," Savarese said.
