NBT Bancorp Inc. Announces CEO Succession Plan

NORWICH, N.Y., Jan. 22, 2024 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) announced today that, effective May 21, 2024, John H. Watt, Jr. will step down as NBT’s President and Chief Executive Officer. Watt will continue to serve on the Board of Directors and be named Vice Chairman in May. In that capacity, he will provide strategic support for NBT’s Upstate New York Semiconductor Chip Corridor initiatives. In addition, he will continue as an Advisor to the Company through year end.

Watt was appointed President and Chief Executive Officer of NBT and NBT Bank, N.A. and became a member of the Company’s Board of Directors in 2016. “I am deeply grateful for the opportunity to lead NBT and to work with the team I truly believe is the best in community banking,” said Watt. “I am proud of the way we serve our customers and communities and how we have continued to create long-term value for our shareholders. The Board has been very supportive of our strategy, and I am also thankful for their guidance over the last 7 years.”

After engaging in a 10-month process, NBT’s Board of Directors unanimously approved a succession plan that provides for the promotion of Scott A. Kingsley to succeed Watt as President and Chief Executive Officer of NBT. Kingsley, who is currently NBT’s Chief Financial Officer, will be appointed to the Company’s Board of Directors when he assumes his new role on May 21.

The Board of Directors, in consultation with Kingsley, also approved the promotion of Joseph R. Stagliano to President of NBT Bank, N.A., effective May 21. Stagliano is currently NBT’s President of Retail Community Banking and Chief Information Officer.

In addition, Annette L. Burns, NBT’s Chief Accounting Officer, will be promoted and assume the role of Chief Financial Officer, reporting to Kingsley, effective on May 21.

NBT Board Chairman Martin A. Dietrich said, “On behalf of the Board of Directors, I offer our sincere thanks to John Watt for the vision and energy he has invested in the leadership of the Company and for the effective direction he has provided to the NBT team, particularly through the global pandemic. We are fortunate to have an aligned Executive Management Team with strong and experienced leaders like Scott Kingsley, Joe Stagliano, and Annette Burns who are poised to assume these top leadership roles as we move forward with this succession plan in May.”