With its stock still down months after the departure of former CEO Philip Sherringham, People”™s United Financial Inc. made Jack Barnes his permanent replacement, with Barnes having filled the role since April on an interim basis.
Under Barnes, Bridgeport-based People”™s United acquired two banks in July ”“ Hauppauge, N.Y.-based Bank of Smithtown and RiverBank in North Andover, Mass.
People”™s United said it conducted an extensive executive search involving internal and external candidates, with the board consulting with headhunter Russell Reynolds Associates Inc. which has a Stamford office. The companies did not publicly reveal the names of other candidates.
Barnes, 54, joined Bridgeport-based People”™s United in the company”™s 2008 acquisition of Vermont-based Chittenden Corp. As senior executive vice president and chief administrative officer, he managed information technology and operations among other functions. Early in his career, he worked for the Boston office of the Federal Deposit Insurance Corp.
Barnes is a graduate of Northeastern University in Boston and holds an MBA from the University of Vermont.
“(Barnes) has a broad banking background and extensive experience with bank acquisitions and integration,” said George Carter, chairman of People”™s United, in a prepared statement. “He also brings to the role a unique and essential understanding of the commitment of People”™s United to its customers, employees and communities throughout the franchise.”
Barnes is eligible for annual compensation of some $2.7 million, including a base salary of $850,000; an annual bonus of up to $765,000; annual long-term compensation awards of more than $1 million in the form of cash, stock and options; and use of a company car valued at up to $70,000.
Both Barnes and Carter also received awards of 15,000 shares of stock each that vest over several years. People”™s United shares were trading below $14 this month, down from about $16 in early April.
