Flagship Parent President Resigns
People's United Financial Inc., parent company of Worcester's Flagship Bank, said President and CEO Philip Sherringham has resigned and John P. Barnes will fill in at that position while a search is conducted for a permanent replacement.
Barnes is the Bridgeport, Conn.-based company's senior executive vice president and chief administrative officer.
Sherringham was president and CEO for less than three years. He resigned "by mutual agreement" with the People's board of directors.
"The board believes that new leadership is necessary to take the company to the next level," George P. Carter, chairman of the People's board of directors, said in a statement.
Barnes worked for Chittenden Bank, Flagship's former parent, for 25 years before it was acquired in 2008 by People's.
Earlier this month, People's took control of Lowell-based Butler Bank and Marlborough Co-operative Bank after they failed and were shut down by the state Division of Banks and put into the receivership of the Federal Deposit Insurance Corp.
Butler and Marlborough Co-operative merged in 2008.
For more WBJ coverage of that story, click here.
WBJ Web Partners
Most Recent
Most Recent
0 Comments