- After around eight years in the position
- Praise and thanks for Watt
- Scott Kingsley taking over
- Watt will remain as Vice Chairman at NBT Bancorp
- Watt said 71 words
(exechange) — Norwich, New York State, January 22, 2024 — John Watt, chief executive of NBT Bancorp, leaves his position. As announced by NBT Bancorp Inc. in a news release and in a regulatory filing published on Monday, January 22, 2024, John H. Watt leaves his post as chief executive officer at the financial holding company, after around eight years in the role, effective May 21, 2024.
John Watt’s duties as CEO will be taken over by Scott A. Kingsley, currently Chief Financial Officer at NBT Bancorp Inc.
John Watt’s move coincides with a management shake-up also involving the position of President of NBT Bank, N.A.
“Succession plan”
The planned management change is explained as follows. NBT Bancorp stated: “After engaging in a 10-month process, NBT’s Board of Directors unanimously approved a succession plan that provides for the promotion of Scott A. Kingsley to succeed Watt as President and Chief Executive Officer of NBT.”
Watt will remain as Vice Chairman at NBT Bancorp
NBT Bancorp stated: “Watt will continue to serve on the Board of Directors and be named Vice Chairman in May. In that capacity, he will provide strategic support for NBT’s Upstate New York Semiconductor Chip Corridor initiatives. In addition, he will continue as an Advisor to the Company through year end.”
“Step down”
NBT Bancorp said: “[E]ffective May 21, 2024, John H. Watt, Jr. will step down as NBT’s President and Chief Executive Officer.”
NBT Bancorp further said: “On January 22, 2024, John H. Watt, Jr., President and Chief Executive Officer of NBT Bancorp Inc. (the “Company”) and President and Chief Executive Officer of NBT Bank, N.A. (the “Bank”), notified the Company of that he will step down from such positions effective May 21, 2024 and transition to a non-executive role.”
“Not the result of any disagreements”
NBT Bancorp stated, regarding the change: “Mr. Watt’s decision to transition to a non-executive role was not the result of any disagreements with the Company.”
Share price increase since January 2019
The announcement follows an increase in NBT Bancorp Inc.’s share price of 13% since January 2019.
In the position of CEO since 2016
John Watt became CEO of the Company in 2016.
John H. Watt has served as the President and Chief Executive Officer (“CEO”) of the Company since 2016.
Prior to that, Watt was an Executive Vice President of the Company and President of NBT Bank.
He became a member of the Company’s executive management team in 2015.
He joined the Company and NBT Bank in 2014.
Watt provided executive leadership for key functions, including commercial and consumer lending, credit administration and marketing.
Watt became a director of NBT and NBT Bank in December 2016.
Watt also serves on the NBT Financial Services, Inc. Board, which is an affiliate of the Company.
Watt has over thirty-five years of experience in the financial services industry.
Prior to joining the Company, he was executive vice president of commercial banking, investment management and bank operations at Alliance Bank, N.A.
He was also a member of the board of directors for Alliance Bank and Alliance Financial Corporation, which merged with the Company in 2013.
Previously, he was employed by JP Morgan Chase and its predecessors.
Watt has served on numerous community-oriented boards in upstate New York, most recently on the finance committee of the Foundation of The Episcopal Diocese of Central New York, the finance committee of the Allyn Foundation, treasurer of the St. James Episcopal Foundation, member of the Board of Directors of the Chenango County United Way and as President of the board of On Point for College in Syracuse, NY.
He is a graduate of Rutgers University with a bachelor’s degree in political science and earned his Juris Doctor from the National Law Center at George Washington University.
71 words by John Watt
In the release announcing his departure as CEO of NBT Bancorp Inc., John Watt received praise and thanks.
In announcing his departure, John Watt said 71 words.
“Thankful for their guidance”
John Watt stated: “I am deeply grateful for the opportunity to lead NBT and to work with the team I truly believe is the best in community banking. I am proud of the way we serve our customers and communities and how we have continued to create long-term value for our shareholders. The Board has been very supportive of our strategy, and I am also thankful for their guidance over the last 7 years.”
Push-out Score for John Watt’s move determined
The Push-out Score™ determined by exechange gauges the pressure surrounding John Watt’s move on a scale of 0 to 10.
Read the full story in the exechange report 5.2024 ($).