BRIDGEPORT, Conn., Nov. 9 /PRNewswire-FirstCall/ -- People's United
Financial, Inc. (Nasdaq: PBCT) announced today that Chairman and CEO John
A. Klein will be taking a temporary leave of absence from his duties in
order to recuperate more fully from recently reported cancer surgery. The
board of directors of People's United has also decided it is appropriate to
separate the roles of Chairman and CEO and has elected George P. Carter,
the current Vice-Chairman and Lead Director of the Company's board, as the
non-executive Chairman of the board of directors of People's United. In
addition, current Chief Financial Officer Philip R. Sherringham will serve
as acting-CEO and acting-President of the Company until Mr. Klein returns
to his post.
"The board wholeheartedly supports John taking the time necessary to
rebuild his strength so that he can return to lead the Company as he has so
effectively to date," said Chairman George P. Carter. "The board is very
confident that the strategic direction developed by John, Philip and the
rest of the executive officer team will be well-executed on a going-forward
basis."
Mr. Carter, who is 70, has a 31-year history as board member at
People's Bank, the predecessor company of People's United. He has also
served as a director of the Company since the completion of its second-step
conversion in 2007. He is currently Chairman of the Company's Audit and
Executive Committees and also serves as a member of the Compensation and
Nominating Committee.
Mr. Sherringham, who is 54, has been Executive Vice President and Chief
Financial Officer since 2003. Prior to that time, Mr. Sherringham was an
Executive Vice President and Chief Financial Officer at United California
Bank in Los Angeles. He joined United California Bank's predecessor, Sanwa
Bank California in 1993.
People's United Financial is a diversified financial services company
providing consumer and commercial banking services through a network of 160
People's United Bank branches, including 75 locations in Super Stop & Shop
stores. Through its subsidiaries, People's United Financial provides
equipment financing, asset management, brokerage and financial advisory
services, and insurance services.
SOURCE People's United Financial, Inc.
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http://www.prnewswire.com/comp/113252.html / (PBCT)
CONTACT:
Valerie C. Carlson, Corporate Communications
of People's United Financial, Inc., +1-203-338-2351, Fax:
+1-203-338-3461, Valerie.Carlson@peoples.com
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