Arrow Financial (AROW) of Glens Falls, N.Y., has unveiled its management succession plan, with Thomas J. Murphy set to take over as president for longtime leader Thomas L. Hoy.

Murphy will gain operating responsibilities and will join the $2 billion-asset company’s board on July 1, Arrow said in a press release Thursday. Hoy will remain the chairman and chief executive through the end of this year. At that time, Murphy will become the chief executive of Arrow and its lead bank, Glens Falls National Bank and Trust, while Hoy will continue as chairman.

Murphy joined Arrow in 2004. He became the company’s corporate secretary in 2009 and was named the president of Glens Falls National last year.

Hoy began his career with Glens Falls National in 1974 as a management trainee. He then held various senior management posts at the bank and in its trust and investment division. He became the company’s chief executive in 1997.

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