PITTSFIELD — Michael P. Daly has stepped down as president, CEO and director of Berkshire Hills Bancorp, Berkshire Bank's holding company, the financial institution announced on Monday.
Berkshire Bank President Richard M. Marotta has been named CEO and president of the company and CEO of the bank, and also has been appointed to the board of directors. Sean A. Gray, chief operating officer of Berkshire Bank, will replace Marotta as bank president.
All of the changes are effective immediately but Daly will continue to be available to assist in Marotta's transition of the CEO role, the bank stated in a prepared release.
"Mike's commitment to the bank, our customers and our communities has been instrumental in Berkshire's success," said William J. Ryan, chairman of the bank's board, in a statement. "We thank him for his focus on creating the strong franchise we have today."
Daly could not be reached for comment Monday evening. The release sent out by the bank Monday did not state the reasons why Daly had decided to step down.
In a statement, Daly said he was proud of what the bank and the company had accomplished during his 16 years of leadership. He had served as president and CEO of the company and CEO of the bank since October 2002.
"I am extremely proud of the accomplishments that the employees of the company have achieved during my time as CEO," he said. "When I began my tenure, Berkshire Bank was one of the smallest banks headquartered in Massachusetts with some 300 employees. The company is now the largest with nearly 2,000 employees. I've built long lasting relationships with many employees during this time who I will continue to view as my family."
Under Daly's tenure, Berkshire Bank expanded from a Berkshire County-focused financial institution to a regional powerhouse. Over the last six years, Berkshire Bank has purchased several smaller financial institutions in the Northeast region.
The bank currently operates 115 full-service branches in six states and has $12 billion in assets. It is the largest regional bank headquartered in Massachusetts.
While some financial institutions have struggled, Berkshire Bank has posted quarter after quarter of positive earnings reports. In the third quarter, Berkshire reported a 40 percent increase in net income over the same time period last year, according to its latest earnings report
Daly oversaw the move of Berkshire Bank's corporate headquarters from Pittsfield to Boston last year; helped bring the bank's stock public in 2012 when it was placed on the New York Stock Exchange; and played a key role in Berkshire Bank's merger with the former Legacy Banks in 2011, a move that made Berkshire the county's largest bank.
Before assuming his current positions 16 years ago, Daly served as Berkshire Bank's executive vice president and senior loan officer. He has been employed by Berkshire Bank since 1986.
Marotta spent over 20 years at Key Bank before joining Berkshire as executive vice president, chief risk officer in 2010. He has been senior executive vice president of Berkshire Hills Bancorp Inc. and president of Berkshire Bank since 2015.
Gray has been senior executive vice president of the company and chief operating officer of the bank since 2015.
Business Editor Tony Dobrowolski can be reached at email@example.com or 413-496-6224.