NBT Bank's Outgoing President and CEO John H. Watt Jr during his visit to the Nasdaq MarketSite. Photo courtesy of NBT Bank
Norwich, New York-based NBT Bank, has announced its succession plan for the company and the bank, with the firm’s president and CEO stepping down on May 21.
The regional bank has nearly 150 branches in the northeast, including Massachusetts branches in North Adams, Pittsfield, Lee, Great Barrington and South Egremont.
John H. Watt Jr. will step down from his post as NBT’s president and CEO on May 21 and will be succeeded by the current chief financial officer Scott A. Kingsley.
Joseph R. Stagliano will also take over as president of NBT Bank. He is currently the bank’s president of retail community banking and chief information officer.
Watt will still remain as the company’s vice chairman after May, providing strategic support for NBT’s Upstate New York semiconductor chip corridor initiatives. He will also serve as an advisor to the bank through the end of 2024.
“I am deeply grateful for the opportunity to lead NBT and to work with the team I truly believe is the best in community banking,” Watt said in a statement. “I am proud of the way we serve our customers and communities and how we have continued to create long-term value for our shareholders. The board has been very supportive of our strategy, and I am also thankful for their guidance over the last 7 years.”
Watt’s successor Kingsley will also be made a member of the board of directors in May.
Annette L. Burns, NBT’s chief accounting officer, will assume the role of CFO and report to Kingsley, also effective on May 21.
“On behalf of the board of directors, I offer our sincere thanks to John Watt for the vision and energy he has invested in the leadership of the company and for the effective direction he has provided to the NBT team, particularly through the global pandemic. We are fortunate to have an aligned executive management team with strong and experienced leaders like Scott Kingsley, Joe Stagliano, and Annette Burns who are poised to assume these top leadership roles as we move forward with this succession plan in May,” NBT Board Chairman Martin A. Dietrich said in a statement.
Kingsley has 35 years of banking experience and joined NBT in 2021, while incoming CFO Burns joined NBT in 2013 and has over 25 years of experience.
Stagliano, who will be the NBT Bank president, joined NBT in 1999 and has over 30 years of experience in the industry.
Editor’s Note 4:40 p.m. Jan. 23, 2024: This story has been updated to reflect that NBT has 150 branches.
