Richard M. Marotta served as the President and CEO of Berkshire Hills Bancorp, Inc., overseeing the company from late 2018 until his departure in August 2020. During his tenure, he had a keen focus on risk management, previously holding the...
Richard M. Marotta served as the President and CEO of Berkshire Hills Bancorp, Inc., overseeing the company from late 2018 until his departure in August 2020. During his tenure, he had a keen focus on risk management, previously holding the role of Chief Risk Officer before stepping into the CEO position. A notable part of his career was marked by a significant financial agreement at his departure, which included a $3.7 million cash severance along with various other benefits under a comprehensive separation agreement. His compensation reached over $5 million in 2020, driven by various sources including stock vesting. This total included a substantial amount from restricted stock awards, which are often tied to the company’s performance metrics. Marotta’s leadership style emphasized aligning executive incentives with shareholder interests, crucial in the highly competitive banking sector. His journey reflects a blend of strategic risk oversight and executive leadership that shaped the direction of Berkshire Hills Bancorp during a pivotal period.