Eastern Bankshares Sees Departure of Directors in Recent Board Reshuffle

Eastern Bankshares, Inc. disclosed in an 8-K filing with the Securities and Exchange Commission on December 31, 2024, that the company’s Board of Directors accepted the resignations of Paul M. Connolly and Paul D. Spiess. Both individuals resigned from their positions as members of the Board and as members of the Board of Directors of the Company’s wholly owned subsidiary, Eastern Bank. Their resignations were in accordance with the mandatory age limitations for members of the Board as outlined in the Company’s Corporate Governance Guidelines.

In relation to their resignation, neither Mr. Connolly nor Mr. Spiess indicated any disagreement with the Company concerning its operations, policies, or practices. Mr. Connolly, a director of Eastern Bank since 2011, had served on the Audit and Nominating and Governance Committees of the Board. Mr. Spiess, who joined the Board in 2014, had been a member of the Audit, Compensation and Human Capital Management, and Risk Management Committees.

Robert F. Rivers, Chair of the Board and Executive Chair of the Company, expressed gratitude for the significant contributions made by both Paul Connolly and Paul Speiss during their tenure. Rivers highlighted Connolly’s 36 years of experience in banking operations and regulatory oversight, including his role as the First Vice President and Chief Operating Officer at the Federal Reserve Bank of Boston. He also acknowledged Spiess for his expertise in community banking and financial services, particularly in the New Hampshire market, having previously been Chairman of the Board of Centrix Bank and Trust, which merged with Eastern in 2014. Rivers extended best wishes to both individuals for their retirement.

The 8-K filing also noted the departure of these directors under Item 5.02, which pertains to the Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

No dissenting opinions or divergences were reported by either board member regarding the company’s operational matters. This restructuring comes during a transformative phase for Eastern Bankshares, reflecting a planned evolution within the Board of Directors.

The filing included information concerning Exhibit 104, the Cover Page Interactive Data File embedded within the Inline XBRL document. Additionally, under Item 9.01, the disclosure mentioned that the Company would provide its financial outlook and statements in February following its customary year-end financial processes and external audit.

This article is intended to provide an overview of the recent changes in the Board composition at Eastern Bankshares, Inc., as per the 8-K filing submitted to the Securities and Exchange Commission.

For more information, the detailed SEC filing can be accessed on the SEC’s website or the company’s investor relations page.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Eastern Bankshares’s 8K filing here.

About Eastern Bankshares

Eastern Bankshares, Inc operates as the bank holding company for Eastern Bank that provides banking products and services primarily to retail, commercial, and small business customers. The company provides deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts.