- Push-out Score determined
- After less than two years in the position
- Praise, thanks and good wishes for Marotta
- Sean Gray taking over in the interim
- Search for a successor
- Marotta said 76 words
(exechange) — Boston, Massachusetts, August 10, 2020 — Richard Marotta, chief executive of Berkshire Hills, leaves. As announced by Berkshire Hills Bancorp Inc. in a news release and in a regulatory filing published on Monday, August 10, 2020, Richard M. Marotta leaves his post as chief executive officer at the parent company of Berkshire Bank after less than two years in the role, effective immediately.
Berkshire Hills will undertake a search for a successor.
Richard Marotta’s duties as CEO will be taken over in the interim by Sean A. Gray, most recently Chief Operating Officer of Berkshire Bank, as Acting Chief Executive Officer.
“To pursue new opportunities”
Richard Marotta’s departure from the CEO post is explained as follows. Berkshire Hills said: “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.”
Precise information regarding Richard Marotta’s future plans was not immediately available.
“Stepped down”
Berkshire Hills said: “Richard M. Marotta, President and Chief Executive Officer of the Company and Chief Executive Officer of the Bank, has stepped down from his employment and directorships with the Company and the Bank, effective immediately.”
Share price decline
The announcement follows a decline in Berkshire Hills Bancorp Inc.’s share price of 69% since November 2018.
Chaired by J.Williar Dunlaevy
Berkshire Hills Bancorp Inc. is chaired by J.Williar Dunlaevy.
In the position of CEO since 2018
Richard Marotta became CEO of the Company in 2018.
Marotta was appointed to the role of President and Chief Executive Officer of the Company and Chief Executive Officer of the Bank in November 2018.
Prior to these appointments, Marotta served as Senior Executive Vice President of the Company and President of the Bank from 2015.
Marotta joined the Company in 2010 as Executive Vice President, Chief Risk Officer and has held additional positions including Chief Credit Officer and Chief Administrative Officer.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Berkshire Hills and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 33.2020 ($).