Beacon Financial Corporation (NYSE: BBT) announced a leadership transition effective September 21, 2026. Paul A. Perrault, the company's President and Chief Executive Officer, has retired after a distinguished career spanning more than five decades. Perrault informed the boards of directors of Beacon Financial Corporation and its subsidiary, Beacon Bank & Trust, of his retirement on September 15, 2026, effective September 21, 2026. To assist with the transition, Perrault has agreed to a consulting agreement that will pay him a monthly fee of $120,000 for twelve months following his retirement. The agreement also includes the payment of his 2026 annual bonus based on actual performance and the continuation of certain benefits, subject to the execution of a release of claims and restrictive covenants.
Simultaneously, the boards of directors appointed Sean A. Gray, age 50, as the new President and Chief Executive Officer of both the Company and the Bank. Gray was also appointed to the boards of directors of both entities effective September 21, 2026. Gray previously served as the Company's Chief Operating Officer since 2025 following the merger between Brookline Bancorp, Inc. and Berkshire Hills Bancorp, Inc. to create Beacon Financial Corporation. Prior to the merger, he served as Senior Executive Vice President of Berkshire Hills Bancorp from 2015 to 2025 and as President and Chief Operating Officer of Berkshire Bank from 2018 to 2025.
The appointment was the result of a succession planning process conducted by the Corporate Governance and Nominating Committee of the Board and Richard Perkey of Caldwell Partners. The Company reported that there are no arrangements or understandings between Gray and any other person regarding his selection, and there are no family relationships between Gray and other directors or executive officers, nor related party transactions requiring disclosure.
Beacon Financial Corporation is the holding company for Beacon Bank & Trust, a full-service regional bank headquartered in Boston with $22.3 billion in assets and more than 145 branches throughout New England and New York.
