Author Bio
Bram Berkowitz mainly writes in the financials bureau covering the banking sector. Prior to The Motley Fool, he wrote about and covered community and regional banks in New England for The Warren Group. Follow @BramBerko
Life at the $12.8-billion-asset
Berkshire Hills Bancorp (NYSE:BHLB) has been anything but dull over the past few years, whether you look at the bank s volatile stock price or its many leadership changes. Now, one of the bank s major shareholders, HoldCo Asset Management, appears to have had enough and has called the bank out for its inability to create shareholder value. Let s take a look at Berkshire Hills struggles over the past few years, some of HoldCo s claims, and then what this means for the stock moving forward.
HoldCo Asset Management wrote in a letter to the Boston company's chairman that it also wants the board to consider share repurchases to improve shareholder value.
PITTSFIELD â For the first time since it went public 21 years ago, Berkshire Bankâs parent company has gone outside the firm to hire a new CEO.
After a nationwide search, the board of directors Monday appointed Nitin J. Mhatre as president and CEO of Berkshire Hills Bancorp Inc. and CEO of Berkshire Bank. Berkshire Hills became a publicly traded company in 2000.
Mhatre, who most recently served as executive vice president of community banking at Webster Bank in Waterbury, Conn., assumes his new duties at Berkshire on Friday. He replaces former President and CEO Richard Marotta, who resigned abruptly without explanation Aug. 10.
Berkshire Bank names Nitin Mhatre, former Webster Bank executive, as CEO
Updated Jan 26, 2021;
This article was first published on the Boston Business Journal’s
.
Berkshire Bank’s parent company has wrapped up its search for a new chief executive, turning to Nitin Mhatre, formerly a community banking executive at Webster Bank.
Mhatre is scheduled to start Friday as president and CEO of Berkshire Hills Bancorp Inc. and CEO of the bank itself.
Boston-based Berkshire has been looking for its next CEO since August, when Richard Marotta abruptly resigned. Berkshire Bank President and Chief Operating Officer Sean Gray had been serving as acting CEO.