Massiano, will step down as chief executive at the end of the year, after 40 years at the company. He will be succeeded by president and chief operating officer Thomas L. Hoy, who joined Arrow's subsidiary, Glens Falls National Bank, as a management trainee in 1974. Mr. Hoy was named president of $715 million- asset Arrow this year. Mr. Massiano has been chief executive since the holding company was formed in 1983. He will remain chairman and will consult on strategy. In a press release, Mr. Massiano explained that he wants "a somewhat less hectic daily schedule." He is chairman of the Glens Falls Hospital Foundation, a member of its board of governors, and a trustee of three other charitable foundations.

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