Boston Private Financial Holdings' president, Mark Thompson, has announced plans to retire at the end of the year.
The $7.2 billion-asset company said it will search for a successor to Thompson, who is also chief executive of Boston Private Bank & Trust and a director of both the holding company and bank. Thompson will remain in all of those positions until Dec. 31.
Thompson, who was 58 in March, plans to “pursue other facets of my life that I have left unattended while building the Bank, [including] focusing more on my charitable and community work,” he said in a news release.
Thompson was named president of Boston Private Financial in April, succeeding Clayton Deutsch, who remained CEO of the holding company.
In June, Thompson was given the additional title of CEO of the company's Boston Private Wealth division. On Oct. 27, Boston Private said in a regulatory filing that Corey Griffin would replace Thompson as CEO of Boston Private Wealth.
Thompson will receive a bonus payment of least $350,000 when he departs, according to a regulatory filing.
Thompson began at Boston Private in 1994 and has been president of Boston Private Bank & Trust since 2001.
“When I started with the Bank, it had $100 million in assets, one office and no investment management capabilities at all,” he said in the release. “The Bank now has over $7 billion in balance sheet assets, 34 offices, and a wholly owned wealth management subsidiary of the Bank with approximately $8 billion in assets under management.”