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CEO of People's United Bank to Step Down
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The CEO of People’s United Bank has agreed to step aside, amid concerns he wasn’t aggressive enough in growing the Bridgeport based company. WNPR’s Harriet Jones reports.

In what was termed a mutual agreement with the board of People’s United, Phillip Sherringham has agreed to resign from the corner office, after two years in the CEO’s post. He will receive a severance package of almost $12 million. The current chief administrative officer at People’s United, John Barnes will now become interim CEO. He formerly headed up the Chittenden Corporation, a bank that People’s United acquired in 2008. Chairman of the Board, George Carter told a conference call the time has come for change.

"Despite our strong position today, as we look forward toward the future, the board believes new leadership is necessary to take the company to the next level and to realize its full potential."

People’s United still has about two and a half billion dollars set aside for acquisitions, and the board wants to see the company grow in part by taking over troubled banks with the help of the Federal Deposit Insurance Corporation, the FDIC. Barnes, the new CEO spent five years with the FDIC in Boston.

For WNPR, I'm Harriet Jones.