- After around 17 years in the position
- Accolades and praise for Clancy
- Steven Larochelle taking over
(exechange) — Lowell, Massachusetts, June 7, 2024 — Jack Clancy, chief executive of Enterprise Bancorp, leaves his position. As announced by Enterprise Bancorp Inc. in a news release and in a regulatory filing published on Friday, June 7, 2024, John P. (Jack) Clancy has left his post as chief executive officer at the holding company of Enterprise Bank, after around 17 years in the role, effective June 5, 2024.
It is the end of an era.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Jack Clancy’s duties as CEO will be taken over by Steven R. Larochelle, previously Chief Banking Officer at Enterprise Bank.
“Worked hard to ensure succession”
Enterprise Bancorp did not give an explicit reason for Jack Clancy’s departure from the CEO post. Chairman George L. Duncan stated: “We have developed a deep, talented leadership team and have worked hard to ensure succession across the organization to plan for leadership members’ retirements.”
Precise information regarding Jack Clancy’s future plans was not immediately available.
“Retirement”
Enterprise Bancorp said: “Enterprise Bancorp, Inc. … and Enterprise Bank today announced the retirement of Chief Executive Officer John “Jack” P. Clancy Jr., a position he has held since 2007.”
Enterprise Bancorp further said: “On June 5, 2024, Mr. John P. Clancy, Jr., a director and the Chief Executive Officer of Enterprise Bancorp, Inc. … and its wholly owned subsidiary, Enterprise Bank & Trust Company …, notified the Boards of Directors of the Company and the Bank of his decision to retire from the Boards of Directors and as Chief Executive Officer of the Company and the Bank and transition to an executive advisor role. On June 5, 2024, the Boards of Directors of the Company and the Bank voted to accept the voluntary resignation of Mr. Clancy, effective immediately.”
“Did not relate to any disagreement”
Enterprise Bancorp stated, regarding the change: “Mr. Clancy’s resignation did not relate to any disagreement on matters related to the Company’s operations, policies or practices or any other matter, and Mr. Clancy was not aware of any deficiencies in financial or operating controls at the time of his resignation.”
Share price decline since June 2019
The announcement follows a decline in Enterprise Bancorp Inc.’s share price of 13% since June 2019.
In the position of CEO since 2007
Jack Clancy became CEO of the Company in 2007.
Jack Clancy has served as the Chief Executive Officer of the Company and the Bank.
Prior to 2007, Clancy served as Executive Vice President and Chief Operating Officer of the Bank.
Prior to 2004, Clancy served as President of the Company.
Prior to 2002, Clancy served as Executive Vice President, Treasurer, Chief Financial Officer and Chief Investment Officer of the Bank.
No statement by Jack Clancy
In the release announcing his departure as CEO of Enterprise Bancorp Inc., Jack Clancy received accolades and praise.
The announcement of his departure as CEO does not include a statement by Jack Clancy.
The above text is an excerpt from the exechange report 24.2024 ($), publication date June 10, 2024.