June 26, 2018
People's United Financial, Inc. Names Jack Barnes Chairman of the Board, and George Carter Lead Director
BRIDGEPORT, CT – People's United Financial, Inc., the holding company for People's United Bank, N.A., has named Jack Barnes Chairman of the Board for both People's United Financial, Inc. and People's United Bank, N.A. Barnes will also remain CEO of both companies. Concurrently, the independent members of the Board of Directors unanimously agreed to appoint George Carter, currently Chairman of the Board for both companies, as Lead Director. The new appointments of Barnes and Carter are part of a long-term strategic Board succession plan.
Barnes was named President and CEO of People's United on July 22, 2010 and was also appointed to the Board. He joined People's United Bank after an accomplished 25 year career at Chittenden Corporation, which was acquired in 2008 by People's United. Barnes served as Senior Executive Vice President and Chief Administrative Officer of People's United directly following the acquisition. He is also the current Chairman of People's United Community Foundation.
"Jack is uniquely qualified to take on this important role for People's United," said Carter. "His demonstrated ability to successfully lead the bank over the past eight years, combined with his leadership qualities and knowledge of the business, make him the perfect choice to lead the Board going forward. The Board of Directors unanimously supported Jack's appointment to Chairman."
"I want to thank George for his 42 years of serving as a Board Member for People's United," said Barnes. "Given his experience and tenure, I am highly confident he will ensure the same independent, objective and effective oversight as Lead Director. George has a unique long-term perspective of the bank and the many business cycles we have gone through, and I look forward to continuing to work closely with him in our new roles."
The former President of Connecticut Foods, Inc., Carter was elected to the bank's Board of Directors in 1976, appointed Chairman in 2007, and was also elected Chairman of People's United Audit Committee in 2007 when the holding company was formed. He is active in the community and also currently serves on the Board of Directors of People's United Community Foundation and Bridgeport Hospital, is a Chairman of the board of Trustees of United Congregational Church, Co-founder and Honorary Director of Nourish Bridgeport, and a past Trustee of Wakeman Boys & Girls Club.
Additional information about the boards' actions, including the Lead Director duties, is available on the company's current report on Form 8-K, filed with the Securities and Exchange Commission.
About People's United Bank
People's United Bank, N.A. is a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), a diversified financial services company with $44 billion in assets. People's United Bank, founded in 1842, is a premier, community-based, regional bank in the Northeast offering commercial and retail banking, as well as wealth management services through a network of nearly 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.