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Since new CEO Anthony DeChellis came aboard, Boston Private’s executive team has gone through a number of changes. But up until this point, the changes have been mostly through new hires and positions.
Now, longtime employees are leaving the bank.
The company announced in a regulatory filing yesterday that David Kaye, CEO of Boston Private’s corporate clients group, and Corey Griffin, CEO of Boston Private’s wealth management group, intend to depart from the company. Kaye, who has been with the company since 2007, is leaving in a few weeks, while Griffin, who joined Boston Private in 2013, will stay on until the end of May.
The filing is somewhat ambiguous, as it says that Kaye and Griffin announced their “intention to depart from the company,” yet also states that the two will receive severance benefits set forth in the executive vice president severance pay plan.
When asked whether the officers had left voluntarily or been let go, Boston Private Public Relations Director Lucy Muscarella said in an email that the bank does “not disclose the details of our arrangements with executives.”
“Dave Kaye and Corey Griffin played an important role on the Boston Private team and helped lead the development of the company to where it is today,” Muscarella added. “The new leadership in place will enable us to build upon that strong foundation and continue to support our clients with holistic advice and services across our private banking, wealth, trust and commercial banking capabilities.”
Griffin will officially leave his role March 15, but serve as a senior advisor to the company and bank, assisting with the transition of his job responsibilities, while continuing to receive his salary and benefits.
As part of the transition, Paul Simons will become the president of private banking, wealth and trust at the bank, and continue his role as executive vice president of the company and the bank.
Simons was one of two recent hires that DeChellis knew from his time as CEO of Credit Suisse’s Private Bank Americas. He was initially brought on in December to fill a newly created role as chief of corporate strategy and development. Boston Private also recently hired Maura Almy as its new chief operating and platform officer.
The company also announced in the regulatory filing that effective March 22, James C. Brown will become an executive vice president of the company.
Brown, a 20-year veteran at Boston Private who joined the company in 1999, has led the commercial banking business across the firm’s Boston, Los Angeles and San Francisco markets. He will continue in his roles as executive vice president of the bank and president of commercial banking at the bank.
