People’s United CEO Philip Sherringham resigns, chief administrative officer named interim CEO

People’s United CEO resigns, new interim CEO named

BRIDGEPORT, Conn. — The president and CEO of regional bank operator People’s United Financial Inc. has resigned and will be replaced on an interim basis by the company’s chief administrative officer.

Philip R. Sherringham’s resignation was reached by mutual agreement with the company’s board of directors, the bank said in a news release Monday.

Sherringham, 56, will be succeeded by John P. “Jack” Barnes, 54, who is also the company’s senior executive vice president.

The board will search for a permanent CEO and look both internally and externally.

The company said the board has retained executive search firm Russell Reynolds.

Board chairman George Carter thanked Sherringham for his service. Sherringham joined the company in 2003 and became CEO in February 2008, though he had served as acting president and CEO since November 2007.

But Carter said the company needed new leadership.

“Today, the company is in a very strong strategic and financial position with an enviable footprint, fortress balance sheet, solid asset quality, and many growth opportunities,” he said. “However, the board believes that new leadership is necessary to take the company to the next level.