Cambridge Bancorp in Massachusetts has a new chief financial officer.
The $1.8 billion-asset parent of Cambridge Trust said in a press release Tuesday that Michael Carotenuto started as CFO on Monday. He succeeds Albert Rietheimer, who is retiring after serving as CFO since 2005.
Carotenuto joins Cambridge from Belmont Savings Bank in Massachusetts, where he had been director of treasury and internal reporting since 2011. He has also been an accounting policies adviser at People's United Financial in Bridgeport, Conn., and a member of the risk advisory services staff at Ernst & Young.
Cambridge, which has 11 branches in Massachusetts, hired two financial executives in its commercial lending division in September.