Berkshire Hills announces CEO change

Berkshire Hills Bancorp has announced that Michael Daly has stepped down as CEO, president, and director.

Richard Marotta, president of Berkshire Bank, has been named CEO and president of the company and CEO of the bank. He has also been appointed as a member of the board. Marotta has been senior executive vice president of Berkshire Hills and president of Berkshire Bank since 2015.

Berkshire Hills Bancorp is the parent company of Berkshire Bank. The company offers mortgages and specialized commercial lending services in targeted national markets.

Additionally, Berkshire Bank COO Sean Gary has been named president of the bank. Gray has been senior executive vice president of the company and COO of the bank since 2015.

Although the changes are effective immediately, Daly will continue to be available to assist in the transition of the CEO role to Marotta.

"Mike's commitment to the bank, our customers, and our communities has been instrumental in Berkshire's success. We thank him for his focus on creating the strong franchise we have today," Chairman William Ryan said. "Building on the company's progress under Mike's leadership, Richard is in a strong position to step into the CEO role. He is deeply familiar with our strategy, our markets, and our people. Richard, Sean, and the rest of the executive team remain committed to growing Berkshire's operations, executing on the strategic plan, and delivering strong results."

"I am extremely proud of the accomplishments that the employees of the company have achieved during my time as CEO," Daly said. "When I began my tenure 16 years ago, Berkshire Bank was one of the smallest banks headquartered in Massachusetts with some 300 employees. The company is now the largest with nearly 2,000 employees. I've built long-lasting relationships with many employees during this time who I will continue to view as my family."