PITTSFIELD, Mass. — Michael Daly has resigned as CEO of Berkshire Bank.

 

Berkshire Hills Bancorp announced on Monday that Daly has stepped down effective immediately and President Richard Marotta will take over as chief executive officer. Marotta was also appointed as a member of the board of directors. Sean Gary will take over as bank president. 

 

"Mike's commitment to the Bank, our customers and our communities has been instrumental in Berkshire's success.  We thank him for his focus on creating the strong franchise we have today," said William J. Ryan, chairman the board of directors, in a statement released on Monday that did not give a reason for Daly's departure.

 

"Building on the Company's progress under Mike's leadership, Richard is in a strong position to step into the CEO role. He is deeply familiar with our strategy, our markets and our people.  Richard, Sean and the rest of the executive team remain committed to growing Berkshire's operations, executing on the strategic plan and delivering strong results."

 

Daly had been with the bank since 1986 as a commercial lender. He became CEO in 2002.

 

"I am extremely proud of the accomplishments that the employees of the company have achieved during my time as CEO," Daly said.

 

"When I began my tenure 16 years ago 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."

 

Daly had overseen a vast expansion of the company during his time and it now boasts of $12 billion in assets.  

 

Marotta has been the senior executive vice president and president since 2015. He has been with Berkshire Bank since 2010, starting as a chief risk officer. He is credited with restructuring the risk, credit, compliance, and anti-fraud programs. He played roles in mergers and acquisitions and implemented the move of the bank's headquarters into Boston last year.

 

Gray has been the chief operating officer since 2015. From 2010 until 2015 he was the executive vice president of retail banking. He also serves as the president of Berkshire Insurance Group.  

 

The Boston Business Journal reports that Daly will receive a severance package worth $7.5 million to be paid out over the next 18 months.