- After almost eight years on the job
- Accolades, praise, thanks and good wishes for MarcAurele
- MarcAurele spoke at length and said 110 words
(exechange) — Westerly, Rhode Island, September 26, 2017 — Joe MarcAurele, chief executive of Washington Trust Bancorp, hands over the reins. As announced by Washington Trust Bancorp, Inc. in a news release and in a regulatory filing published on Tuesday, September 26, 2017, Joseph J. (Joe) MarcAurele leaves the post as Chief Executive Officer at the bank holding company after almost eight years on the job, effective March 02, 2018.
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 twelve months was 9 years, according to data compiled by exechange.
MarcAurele’s duties are taken over by Ned Handy, currently President and Chief Operating Officer at Washington Trust Bancorp, Inc.
MarcAurele’s move is part of a management shake-up also involving the position of Chief Financial Officer. The Board also announced that David V. Devault, Vice Chair, Secretary and Chief Financial Officer, will retire effective January 31, 2018.
“The culmination of a multi-year succession planning process”
The management change is explained as follows. Washington Trust Bancorp said: “Today’s announcement reflects the culmination of a multi-year succession planning process.”
Precise information about the future plans of MarcAurele was not immediately available.
Washington Trust Bancorp said: “On September 20, 2017, Joseph J. MarcAurele informed the Board of Directors of Washington Trust Bancorp, Inc. … that he will retire as Chairman and Chief Executive Officer of the Corporation and The Washington Trust Company … effective March 2, 2018.”
Share price rise since February 2009
The change follows a rise in the share price of Washington Trust Bancorp, Inc. since February 2009.
On the job as CEO since 2010
Joseph J. MarcAurele has been the Chairman and Chief Executive Officer of Washington Trust BanCorp Inc. and its subsidiary, The Washington Trust Company since April 30, 2010.
He also held the title of President of the Corporation and the Bank from April 2010 to November 2013.
He joined Washington Trust in 2009 as President and Chief Operating Officer of the Corporation and The Washington Trust Company.
He served as President of Citizens Bank from 2007 to 2009 and previously held positions of President and Chief Executive Officer of Citizens Bank entities in Rhode Island and Connecticut from 2001 to 2007.
He held a series of positions of executive leadership at Citizens Bank from 1993 to 2001 in the areas of commercial lending, wealth management and private banking.
Prior to that, MarcAurele held positions at Fleet National Bank with concentration in commercial lending and credit analysis and also held the position of Senior Vice President, Director of Human Resources.
MarcAurele will continue to serve as Director of the Corporation and the Bank.
Read the full story in the exechange report 40.2017 ($).