Berkshire Hills CEO abruptly steps down

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Berkshire Hills Bancorp in Boston has announced another abrupt CEO departure.

The $13.1 billion-asset company said in a press release Monday that Richard Marotta had also stepped down as president, effective immediately. He also left the company’s board.

The company said Marotta left to “pursue new opportunities.”

Berkshire said Sean Gray, president and chief operating officer of its bank, had become acting president and CEO. The company said its board will begin a search for a permanent leader and that Gray will be a candidate.

“We are grateful for Richard’s dedication to the bank during his tenure as CEO and over his entire career of over 10 years with Berkshire,” J. Willar Dunleavy, the company’s chairman, said in the release.

“We have confidence in Sean Gray’s leadership ability, and we expect Berkshire to benefit from his deep understanding of the bank and his commitment to build on Richard’s legacy of an inclusive, innovative, and supportive culture,” Dunleavy added.

“As CEO, I am most proud to have established and implemented the Bank’s Be FIRST values, making social responsibility an integral component of the bank’s identity as a purpose driven 21st century community bank,” Marotta said in the release.

Marotta became Berkshire’s president and CEO in November 2018 when Michael Daly unexpectedly resigned. Gray succeeded Marotta as the bank’s president and chief operating officer at that time.

Marotta’s departure comes less than two weeks after the company reported a $549 million second-quarter loss. The results included a $554 million noncash goodwill impairment charge and a $30 million loan-loss provision.

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