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Nov 26, 2018 · PITTSFIELD — Michael P. Daly has stepped down as president, CEO and director of Berkshire Hills Bancorp, Berkshire Bank's holding company, the financial institution announced on Monday. Berkshire Bank President Richard M. Marotta has been named CEO and president of the company and CEO of the bank, and also has been appointed to the board of ...
Michael P. Daly - Harwich Port, Massachusetts, United States | Professional Profile | LinkedIn. Chairman | CEO | Berkshire Bank | MBA, Finance. Harwich Port, Massachusetts, United States....
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Nov 27, 2018 · By BusinessWest Staff November 27, 2018. BOSTON — Michael Daly stepped down Monday as president, CEO, and director of Berkshire Hills Bancorp, Berkshire Bank’s holding company. Berkshire Bank President Richard Marotta has been named CEO and president of the company and CEO of the bank.
Feb 12, 2019 · Rheo Brouillard, the head of SI Financial, finally had a solid offer in hand after more than two years of searching for a buyer. But the resignation 10 days later of the man who made him that offer — Berkshire Hills’ Michael Daly — sent Brouillard scrambling.
- A Tough Few Years
- Holdco Gets Involved
- Failing Shareholders?
- Will Holdco's Involvement Prove Beneficial?
The trouble for Berkshire Hills started in 2018 when Michael Daly abruptly resigned as CEO. Following his departure, some employees claimed Daly had created a toxic workplace culture. The Boston-based bank's board of directors elevated then-president Richard Marotta to replace Daly as chief executive. Marotta vowed to improve profitability and went...
In August 2020, HoldCo Asset Management began acquiring shares in Berkshire Hills and eventually amassed a position equal to roughly 3.3% of outstanding shares at the bank. HoldCo said in a recent public letter sent to Berkshire Hills' board of directors that it believed the market had overreacted toward the bank's credit outlook and management cha...
But despite its gains, HoldCo believes Berkshire Hills failed shareholders in two major ways. First, the bank has yet to repurchase shares while trading below tangible book value. When a company repurchases shares, it is essentially removing shares from the total outstanding amount. This rewards shareholders because their slice of the company now m...
HoldCo has likely already doubled its investment with shares at today's levels, but I do find its frustration and questions completely warranted. If either the board or Mhatre does not support share repurchases (I think it's hard to really know Mhatre's position, given that he is so new), that likely means they want to grow the bank. And I think Be...
Nov 27, 2018 · PITTSFIELD, Mass. — Michael Daly has resigned as CEO of Berkshire Bank. Berkshire Hills Bancorp announced on Monday that Daly has stepped down effective immediately and President Richard...
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