Dorothy Savarese. Photo courtesy of Suffolk University.

Former CEO of Cape Cod 5 Bank Dorothy Savarese was elected chair of Suffolk University’s board of trustees, the first woman to hold the position in the school’s 120-year history.

Savarese led the Hyannis-based bank for nearly 20 years; she retired in 2023. She was chair of the American Bankers Association and Massachusetts Bankers Association and was on several state and federal advisory committees and councils, including president of the Federal Reserve’s Community Depository Institutions Advisory Council in 2020 and 2021.

“I am deeply honored to have been elected chair by my fellow trustees,” Savarese said in a statement. “Suffolk University transforms lives through the power of education, and I look forward to working alongside my fellow board members, our new trustees and President Marisa Kelly to build on that mission and help ensure that future generations of Suffolk students are prepared to lead meaningful and impactful careers.”

Savarese earned her MBA from Suffolk in 2004 and received an honorary doctorate of commercial science in 2021.