People”™s United Financial Inc. is parting ways with CEO Philip Sherringham, despite his stewarding the company through a punishing recession in relatively stable shape when compared with some of its Northeast competitors.
Bridgeport-based People”™s United did not immediately specify a reason for Sherringham”™s departure or name a successor; its chief administrative officer John Barnes leads the bank in the interim period.
Sherringham replaced John Klein, who led People”™s United through an initial public offering of stock before succumbing to cancer in 2008.
Sherringham led the company”™s subsequent acquisition of Vermont-based Chittenden Corp., giving it several new subsidiaries in Massachusetts and northern New England. He also oversaw the company”™s expansion into Westchester County, N.Y., and last week acquired Lowell, Mass.-based Butler Bank, a failed institution with four branches that was under Federal Deposit Insurance Corp. supervision.
In the past year, People”™s United has been scouting additional acquisition opportunities in the Northeast and nationally. In a conference call with investors, People”™s United Chairman George Carter suggested the company hoped for a major acquisition to occur soon.
