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Michael Daly, president and CEO of Berkshire Bank and its parent company, is stepping down from his position and leaving the company immediately, the bank said in a statement last night.

Daly is also stepping down from the board of directors. He is 57 years old, according to Bloomberg.

Daly will be replaced by Richard M. Marotta, formerly an executive vice president at the company, who will become CEO, president and be appointed to the board of directors. Sean Gray, the company’s COO, will become president of Berkshire Bank.

The bank provided no clear reason for why Daly is leaving in its statement, but said he would be “available to assist in the transition of the CEO role,” and thanked him for his service.

“Mike’s commitment to the bank, our customers and our communities has been instrumental in Berkshire’s success. We thank him for his focus on creating the strong franchise we have today,” William J. Ryan, chairman the board of directors, said in a statement. “Building on the company’s progress under Mike’s leadership, Richard is in a strong position to step into the CEO role. He is deeply familiar with our strategy, our markets and our people. Richard, Sean and the rest of the executive team remain committed to growing Berkshire’s operations, executing on the strategic plan and delivering strong results.”

As part of the resignation, Daly will receive a total separation payment of $7.5 million, according to a regulatory filing from yesterday.

Daly began his career at Berkshire more than three decades ago in 1986 as a commercial lender. He climbed the ranks landing the CEO position in 2002. As CEO, he rebranded the bank’s slogan to “America’s most exciting bank” and made some big moves to grow its franchise.

Berkshire Bank acquired Commerce Bank, in 2017, making it the largest community bank in Massachusetts and giving it a prominent foothold in the Worcester market.

Berkshire announced late last year that it would move its Pittsfield headquarters to Boston, giving the city a regional bank that also had a presence in Connecticut, New York and New Jersey.

At the end of third quarter of this year, the bank had over $12 billion in assets, making it the largest Massachusetts-headquartered bank, aside from State Street.

“I am extremely proud of the accomplishments that the employees of the company have achieved during my time as CEO,” Daly said in a statement. “When I began my tenure 16 years ago Berkshire Bank was one of the smallest banks headquartered in Massachusetts; with some 300 employees, the company is now the largest with nearly 2,000 employees. I’ve built long lasting relationships with many employees during this time who I will continue to view as my family.”