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Banker & Tradesman photo / file
Berkshire Bank has expanded its board of directors by adding two more members, including the board’s third woman.
Sylvia Maxfield, dean of the Providence College School of Busines, and Jonathan I. Shulman, a former KeyBank executive, were appointed as independent directors for Berkshire Bank and its holding company, Berkshire Hills Bancorp. The bank now has 15 board members, including 12 independent directors.
“We are pleased to welcome these important additions to our board,” Chairman J. Williar Dunlaevy said in a statement. “Sylvia and Jon bring tremendous experience with their backgrounds in economics, asset management and commercial banking, and they will provide valuable perspective to our audit committee and risk management and capital committee. Additionally, our acquisition of SI Financial Group gives us a presence in Rhode Island, so we are pleased to add a director who is active in that market.”
With the addition of Maxfield, Berkshire now has three women on the 15-member board, representing 20 percent. No women of color serve on the board. The bank in May had added two men of color, Baye Adofo-Wilson and William H. Hughes III, as directors.
Berkshire President and CEO Richard M. Marotta had said diversity and inclusion were priorities for Berkshire. Last year the bank hired Malia Lazu as chief experience and culture officer, work she continues to do after being named regional president of Berkshire Bank’s eastern region.
The Eos Foundation recently released an analysis of diversity at the 25 largest Massachusetts companies, including State Street Bank. The analysis found that women make up 31 percent of the boards at these companies, while men of color make up 8 percent and women of color make up 6 percent of these boards.
Maxfield was previously chairman of the faculty and MBA program director at Simmons University in Boston. She is a voting member of the Rhode Island State Investment Commission, where she oversees fund performance, including asset allocation and all investment-related contracting. She previously was on the boards of the Greater Providence Chamber of Commerce, Social Enterprise Greenhouse and the 21st Century Fund.
Shulman was previously executive vice president and treasurer at KeyBank’s parent company, KeyCorp. He joined the lender in 1989 and had leadership roles in financial market strategy, asset liability management, wholesale funding and capital planning. Shulman also held committee membership positions on the company board’s asset liability committee, market risk committee, model risk committee and funds transfer pricing committee.
“Our new members will bolster the expertise on our committees and strengthen our corporate governance,” Berkshire President and CEO Richard M. Marotta said in a statement. “They add to our board’s diversity and resources to support our vision for building a 21st century community bank. I look forward to working with Sylvia and Jon as we continue to evolve our company with a focus on purpose driven performance.”
