Ned Handy’s apprenticeship at Washington Trust Bancorp is coming to an end.
Handy, 56, who joined the $4.4 billion-asset company as president and chief operating officer in late 2013, was tapped Tuesday to succeed Joseph MarcAurele as chairman and CEO.
MarcAurele, who will step down on March 2, has led the Westerly, R.I., company since April 2010. MarcAurele was a division president at RBS Citizens Bank in 2009 when he was recruited to join Washington Trust.
Handy followed a similar trajectory, serving as president of Citizens’ operations in Rhode Island and Connecticut before joining Washington Trust. (Royal Bank of Scotland spun Citizens off as an independent company in 2015.)
Under MarcAurele’s leadership, Washington Trust’s asset size grew by 50%, but its annual profit more than doubled, jumping from $16.1 million in 2009 to $46.5 million last year. In the first half 2017, Washington Trust had a profit of $25 million.
MarcAurele earned $1.5 million in total compensation in 2016, while Handy received $895,000.
“Washington Trust is a one-of-a-kind institution and I am truly honored to have led our 217-year-old company during a period of tremendous growth and profitability,” MarcAurele said in a press release.
Washington Trust also announced that David Devault plans to step down as chief financial officer on Jan. 31. Ronald Ohsberg, who is the company’s treasurer, will succeed Devault.
The company also said that Mark Gim, its chief strategy officer and executive vice president of wealth management, will succeed Handy as president and COO.