John P. “Jack” Barnes will collect $30,000 in extra pay for each month he serves as interim chief executive while People’s United Bank searches for a permanent replacement, a regulatory filing shows.
The board of directors of People’s United Financial, the Bridgeport bank’s parent, last week approved the interim pay hike for Barnes, previously the bank’s senior executive vice president, according to the filing with the Securities and Exchange Commission.
Barnes was appointed interim president and CEO following the late April resignation of Philip R. Sherringham, who was under pressure to widen its footprint in the New England and East Coast banking markets through acquisitions.
Barnes joined People’s United following its purchase of former Crittenden Bank.
Barnes’ base salary in 2009 was $407,077, while Sherringham’s base pay the same year was $835,385, public documents show.
