It’s no April Fool’s joke: Brookline Bancorp’s board of directors has selected a new chief financial officer and treasurer. Carl M. Carlson will join the company April 1.

Carlson succeeds Julie A. Gershick, who resigned from Brookline Bank’s holding company at the end of 2013.

According to documents filed with the Securities and Exchange Commission, the company offered him a $50,000 signing bonus and a base salary of $325,000. This year, he will be eligible to participate in the company’s 2014 annual incentive program at an annual target rate equal to half his base salary.

As part of the package, the company also awarded him three restricted stock grants: one valued at about $107,250, another grant equal to $100,000 with shares vesting in three years based upon the company’s performance and a third grant, also equal to $100,000, with shares vesting in 2019. Starting next year, Carlson will be eligible to participate in the company’s long-term incentive plan, through which he is expected to receive a stock grant equal to about a third of his salary.

Carlson will also enter into the same change in control agreement as other officers of the company. Under this agreement, if Carlson is terminated from his position other than for cause within a year following a change in control, he is to receive a payment equal to twice his annual base salary, plus whatever bonus he would have received in the year the change occurs.

Previously, Carlson worked for three years as senior vice president and deputy chief financial officer at Webster Financial Corp. in Waterbury, Conn. Prior to that, he held the title of senior vice president and director of finance, also at Webster, from 2007 to 2011. He was senior vice president, strategic planning at North Fork Bancorporation in Long Island from 1992 to 2007. North Fork Bank was acquired by Capital One in 2006.

 

Email: lalix@thewarrengroup.com

Brookline Bancorp Recruits New CFO From Webster

by Laura Alix time to read: 1 min
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