BROOKLINE, Mass. – Central Falls native Paul A. Perrault, briefly the CEO of Sovereign Bank before its takeover by Spain’s Banco Santander SA, has landed on his feet: Brookline Bancorp Inc. (Nasdaq: BRKL), the parent of Brookline Bank, has named him to succeed Richard P. Chapman Jr., who is retiring after 35 years as its chief executive.
Perrault had been named in September to replace former Sovereign CEO Joseph P. Campanelli, whom he succeeded on Jan. 5. But just three weeks later, Madrid-based Banco Santander announced plans to would replace him with a longtime Santander executive as part of its post-takeover restructuring of the $79 billion Philadelphia-based bank. (READ MORE) Under the terms of his contract with Sovereign, however, Perrault was still eligible for a severance package valued at $7.2 million. (READ MORE)
He previously had served from as CEO of Chittenden Corp., a $7.4 billion bank holding company based in Burlington, Vt., with offices in every New England state but Rhode Island.
Perrault is slated to take over March 16 as president of Brookline Bancorp and chairman and CEO of its Brookline Bank. And a month later, when the board of directors holds its quarterly meeting on April 16, he is to add the title of Brookline Bancorp CEO. Chapman, now the CEO, will continue as a director and the chairman of the parent company, Brookline Bancorp said in its announcement.
The new position will bring Perrault a salary of $600,000 plus performance bonuses of up to 30 percent his base pay, as well as $120,000 in stock options and $80,000 in restricted stock, he told Boston Business Journal. Additional perks in his one-year contract reportedly include up to $20,000 in moving expenses, “a suitable car,” and memberships in two local clubs.
Additional information about Brookline Bancorp Inc. (Nasdaq: BRKL) – parent of Brookline Bank, which has been voted the No. 1 community bank in the greater Boston area – is available at www.BrooklineBank.com.
Sovereign Bank – a $79 billion U.S. financial institution with 750 community banking offices, more than 2,300 ATMs and about 12,000 employees, mostly in the Northeast – is a subsidiary of Madrid-based Grupo Santander (NYSE: STD), the parent of Banco Santander SA. To learn more, visit www.SovereignBank.com.
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