Berkshire Bank’s chief financial officer, Subhadeep Basu, has resigned from the bank effective last week, about 18 months after joining the bank.
The bank’s Boston-based parent company said in a statement yesterday that Basu had resigned effective Oct. 7 “for personal reasons and to subsequently pursue other career interests.”
Basu will assist with matters related to transitioning his role through Dec. 31, the bank said.
“We’re grateful for the contributions that Subhadeep has made in his service as CFO, and we wish him well in his future pursuits,” Berkshire’s CEO Nitin Mhatre said in the statement. “Our Company has made strong financial progress during his tenure. Our leadership is committed to maintaining the momentum of our BEST strategic transformation and our entire Berkshire team is focused on our goal to be a high-performing, leading socially responsible community bank.”
The bank named Brett Brbovic interim chief financial officer. Brbovic is Berkshire’s senior vice president and chief accounting officer, a role he has held since 2015 after joining the bank in 2012.
“Brett Brbovic is a Berkshire veteran with a solid history and I’m confident in his leadership of our financial team through this transition,” Mhatre said.
The bank has hired the firm Spencer Stuart to conduct a national search for Basu’s replacement.
Mhatre noted that Berkshire has made no changes to its financial guidance for the year since its last earnings call for investors in July.
Basu had joined Berkshire in March 2021, replacing James Moses, who had a key role in the shareholder controversy following Berkshire’s decision to hire Mhatre rather than pursue a sale.
“I am proud to have been part of Berkshire and working with a wonderful group of people,” Basu said in the statement. “I am grateful for the opportunity to have been able to work together with Nitin, the Board and the team to help Berkshire progress to where it is now. My best wishes to the Berkshire team for continued success.”