Confirming Wall Street speculation, People’s United Bank Thursday named John “Jack” Barnes permanent CEO and president of the company.
Barnes, 54, has served as interim president and CEO since the departure of former chief executive Philip R. Sherringham in April.
Sherringham resigned amid dissatisfaction from shareholders for moving too slowly to build up the Bridgeport-based lender through acquisitions.
Wall Street analysts speculated in recent days that Barnes was the likely frontrunner for the job, especially after he executed two acquisitions last week.
People’s recently announced the acquisition of two separate banks in New York and Massachusetts, which will add nearly $3 billion in assets to the company.
The bank has been under pressure from shareholders in recent years to make acquisitions, amid billions of dollars of cash it has been holding onto.
Barnes will also be a member of the board of directors.
“In the three months that Jack has led People’s United as interim president and CEO, he has clearly demonstrated his strong leadership skills and the ability to execute on our strategy of delivering growth and increasing shareholder value,” said People’s Bank Board Chairman George P. Carter. “He has a broad banking background and extensive experience with bank acquisitions and integration – both as a leader at People’s United and at Chittenden Corporation.”
