Banker & Tradesman photo / file

Richard Marotta has stepped down from his position as president and CEO of Berkshire Bank to “pursue new opportunities,” according to a statement released Monday by Berkshire Bank. The bank’s board of directors has named Senior Executive Vice President and COO Sean Gray as acting president and CEO for the bank’s holding company, Berkshire Hills Bancorp.

The board will initiate a CEO search process to consider candidates inside and outside of Berkshire, the statement said, and Gray will be a candidate in that search process.

“On behalf of the entire board, we are grateful for Richard’s dedication to the bank during his tenure as CEO and over his entire career of over 10 years with Berkshire. We wish him the best in all his future endeavors,” J. Williar Dunlaevy, chairman of the Board of Berkshire Hills Bancorp, said in a statement. “We have confidence in Sean Gray’s leadership ability, and we expect Berkshire to benefit from his deep understanding of the bank and his commitment to build on Richard’s legacy of an inclusive, innovative, and supportive culture. Sean has strong relationships across the bank as well as with key external stakeholders and will be supported by a very strong executive management team and a talented group of team members.”

Marotta was named CEO in November 2018 after Michael Daly stepped down.

“I am proud to have been part of the leadership team that doubled the size of the bank to $13.1 billion in assets, while overseeing the successful integration of numerous bank acquisitions, and achieving targeted merger efficiencies and market share retention,” Richard Marotta said in the statement. “And as CEO, I am most proud to have established and implemented the Bank’s Be FIRST values, making social responsibility an integral component of the Bank’s identity as a purpose driven 21st century community bank.”

As CEO Marotta led the launch of Reevx Labs, the bank’s initiative for investment in local communities to help individuals and small businesses access banking services and capital. Under Marotta’s tenure, the bank expanded its outreach to diverse communities, achieved greater diversity in its executive and senior management ranks and has been recognized as a leader among its peers in Environmental, Social & Corporate Governance rankings, according to the statement.

Gray has been president and COO of Berkshire Bank since November 2018 and has been senior executive vice president of the holding company since 2015. He became Berkshire Bank’s senior executive vice president and COO in 2015 after joining Berkshire in 2007 as first vice president of Retail Banking. He has held various other positions, including executive vice president of retail banking.

Gray has also overseen human resources, marketing, investor relations and facilities and is president of Berkshire Bank Foundation. Prior to joining Berkshire, Gray was vice president and consumer market manager at Bank of America in Waltham.

Berkshire recently wrote off a goodwill impairment charge and like several of its peers saw CECL and loan loss provisions affect quarterly earnings.