Boston Private Financial Holdings Inc.’s Vice Chairman Walter M. Pressey will retire and J.H. "Jay" Cromarty will be leaving his position as executive vice president and chief executive officer of the wealth advisory and investment management groups.

Pressey has been with the Boston Private for 14 years, and has served in a variety of positions including president, chief financial officer and chief risk officer, according to a statement. He will also retire from the board of directors.

"Walt is a true professional who has given deeply of himself on behalf of the company," said Stephen M. Waters, chairman of the board. "He has been integrally involved in all aspects of corporate life, working tirelessly for our shareholders, clients and employees and he has been a ‘face’ and ‘voice’ of the company working with investors and analysts. We are all grateful for his leadership and his contributions and we wish him well."

"I’ve seen a lot of variations of the banking business model so far in my career," said Pressey. "Boston Private’s is unique among them and I am proud of my small part in creating this model."

Cromarty is leaving the Boston Private to become chairman of consulting firm Red Rock Strategic Partners, according to a statement. He joined the company in 2004 as executive vice president and was most recently the CEO for the firm’s investment and wealth advisory businesses. His position will not be replaced.

"Jay has been a valuable part of the team that has helped build Boston Private into the company it is today," said Clay Deutsch, CEO and president of Boston Private. "In particular, Jay was instrumental in successfully executing on a number of strategic initiatives including several recent divestitures that substantially strengthened our wealth management business. I want to sincerely thank Jay for his contributions and wish him the very best in his future endeavors."

Both departures are effective Oct. 15.