An announcement from Enterprise Bancorp (EBTC) is now available.
John P. Clancy, Jr. has announced his retirement as CEO and Director of Enterprise Bancorp, Inc. and its subsidiary, transitioning to an executive advisor role, with his resignation effective immediately. Steven R. Larochelle, previously the Chief Banking Officer, has been appointed as the new CEO and Director, bringing over three decades of banking experience to the helm. Larochelle’s employment agreement includes a generous compensation package and he has also been granted restricted stock with performance-based vesting criteria. Meanwhile, Clancy’s departure is facilitated by a Transition Services Agreement ensuring a smooth transition and continued benefits until his final retirement date.
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