- Push-out Score suggests push-out forces
- After about 16 years in the position
- Praise and thanks for Daly
- Richard Marotta taking over
- Daly said 73 words
(exechange) — Boston, Massachusetts, November 27, 2018 — Mike Daly, chief executive of Berkshire Hills, leaves. It is an abrupt change. As announced by Berkshire Hills Bancorp Inc. in a news release and in a regulatory filing published on Monday, November 26, 2018, Michael P. (Mike) Daly leaves his post as Chief Executive Officer at the parent company of Berkshire Bank after about 16 years in the role, effective immediately.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.1 years, according to data compiled by exechange. Only 17 percent of the CEOs who departed over the past 12 months left the position after more than 15 years.
Mike Daly’s duties will be taken over by Richard M. Marotta, most recently President of Berkshire Bank.
No reason given
In the announcement, Berkshire Hills did not explicitly explain the obviously compelling reason for Mike Daly’s sudden move, leaving room for speculation.
Precise information about Mike Daly’s future plans was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CEO leaves the post abruptly and without a reasonable explanation.
Berkshire Hills said: “Michael P. Daly has stepped down as Chief Executive Officer, President and Director.”
Berkshire Hills further said: “Michael P. Daly, President and Chief Executive Officer of the Company and Chief Executive Officer of the Bank, has resigned from his employment and directorships with the Company and the Bank, effective immediately.”
Share price decline
The change follows a decline in Berkshire Hills Bancorp, Inc.’s share price of 22 percent since September 2018.
Chaired by William J. Ryan
Berkshire Hills Bancorp, Inc. is chaired by William J. Ryan.
Ryan previously served as Chairman of the Board and Chief Executive Officer of Banknorth from 1985 through 2005 and then subsequently Chairman of the Board and Chief Executive Officer of TD Banknorth from 2005 to 2007.
In the position of CEO since 2002
Michael P. Daly has been the Chief Executive Officer and President at Berkshire Hills Bancorp, Inc. since October 2002.
Daly was President and Chief Executive Officer of the Company and Chief Executive Officer of the Bank.
Before these appointments in 2002, Daly served as Executive Vice President and Senior Loan Officer of the Bank.
Previously he served as Senior Vice President of commercial banking, and also previously managed consumer lending and operations.
He has been an employee of the Bank since 1986.
Daly will continue to be available to assist in the transition of the CEO role to Marotta.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Mike Daly’s sudden move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 49.2018 ($).