CEO of Independent Bank Corp. to step down after 20-year term

Independent Bank Corp. in Rockland, Massachusetts, will have a new chief executive for the first time in 20 years.

The $19.7 billion-asset parent of Rockland Trust Co. said in a press release Friday that CEO Christopher Oddleifson plans to step down in early February after leading the company since 2003. During his tenure as CEO, Rockland Trust's assets grew tenfold — both organically and through acquisitions — and expanded from its southeastern Massachusetts roots to a bank with over 120 retail branches, commercial and residential lending centers, and investment management offices in Greater Boston and New England.

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Independent Bank said it hired industry veteran Jeff Tengel to succeed Oddleifson following a national search.

"What an honor it has been to serve as Rockland Trust's CEO," Oddleifson said in the release. "I have decided that the time has come to pass the baton. I am thrilled that our board of directors has selected a successor with the caliber of Jeff Tengel to guide Rockland Trust into the future."

Tengel most recently was head of commercial specialty banking at the $198 billion-asset M&T Bank in Buffalo, New York.

Before M&T's 2022 acquisition of People's United Financial in Bridgeport, Connecticut, Tengel was president of the then-$65 billion-asset People's United, where he was in charge of commercial banking, retail banking and wealth management. He joined People's United in 2010 after holding executive positions at other large regional banks.

"I look forward to building strong, enduring relationships with Rockland Trust's loyal customers and dedicated colleagues," Tengel said in the release. "I am steadfastly committed to maintaining the award-winning culture and customer service fostered during Chris Oddleifson's long-term stewardship. I will draw upon my experience to lead Rockland Trust to a tomorrow filled with innovation, opportunity, sustainable disciplined growth, and purpose."

After Tengel's formal appointment as CEO on or about Feb. 6, Oddleifson will remain with the company in an executive advisory role until the end of 2023, the company said.