People”™s United Financial Inc. completed its $1.8 billion purchase of Burlington, Vt.-based Chittenden Corp., terminating an employment agreement with Chittenden”™s former CEO and juggling the combined bank”™s managerial structure.
After agreeing to become vice chairman last summer, Chittenden CEO Paul Perrault will not be joining the combined company, Bridgeport-based People”™s announced.
People”™s current CEO John Klein has been on a leave of absence to recover from cancer surgery, and Philip Sherringham has been acting CEO in addition to his duties as chief financial officer. The company has issued no timetable for Klein”™s return, handing Klein”™s chairman duties permanently to longtime director George Carter.
Sherringham has never before held the top slot at a bank, joining People”™s in 2003 from United California Bank in Los Angeles, where he was CFO. By contrast, Perrault had led the publicly traded Chittenden since 1990.
Kirk Walters, former chief financial officer of Chittenden, remains with the combined bank as a “special advisor” to Sherringham in his capacity as CFO.
People”™s also announced General Counsel William Kosturko would take a leave of absence to care for an ill family member. The bank named as acting general counsel Robert Trautmann, who is a deputy general counsel.
The bank is eliminating Bryan Huebner”™s position as executive vice president of consumer financial services, which included oversight of residential mortgage lending and trust services.
Chittenden”™s Louise Sandberg is now senior executive vice president of the bank”™s wealth management group, which includes retail brokerages, private banking, retirement products and insurance.
John Barnes, former executive vice president at Chittenden, becomes senior vice president and chief administrative officer at People”™s, overseeing information technology; direct banking and operations; and real-estate services.
Daniel Bodor was promoted to executive vice president of People”™s, retaining his role as chief credit officer.
