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.
Photo caption: (From left to right) NBT’s President of Retail Community Banking and Chief Information Officer Joseph R. Stagliano, Board Chairman Martin A. Dietrich, President and Chief Executive Officer John H. Watt, Jr., Chief Financial Officer Scott A. Kingsley and Chief Accounting Officer Annette L. Burns after the opening bell ceremony on January 22, 2024, at Nasdaq MarketSite.
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.”
“The orderly succession of the Company’s leadership is a critical responsibility of the Board of Directors,” said V. Daniel Robinson II, Chair of the Board’s Nominating and Corporate Governance Committee. “We are pleased with the thoughtful and thorough selection process that was conducted and are confident that the upcoming transition will be successful and that it will provide important continuity for NBT.”
Kingsley joined NBT in 2021. He has more than 35 years of experience, including 16 years as a member of the management team at Community Bank System, Inc., where he served as Chief Operating Officer and, prior to that, as Chief Financial Officer. Kingsley started his career with PricewaterhouseCoopers, LLP before joining the Carlisle Companies, Inc., a publicly traded global manufacturer and distributor, where he served in financial and operational leadership roles. A Certified Public Accountant, Kingsley earned his bachelor’s degree in accounting at Clarkson University.
Stagliano joined the Company in 1999. He has over 30 years of experience in the financial services industry. Today, he oversees the Company’s Operations and Retail Banking Divisions. He was promoted to Chief Information Officer and joined the Company’s Executive Management Team in 2006. In 2016, he assumed responsibility for Retail Banking in addition to his duties as Chief information Officer. In 2018, Stagliano was named President of Retail Banking. Prior to joining NBT, Stagliano was employed by MetLife. Stagliano earned his bachelor’s degree in business and public management from the State University of New York Institute of Technology in Utica.
Burns joined NBT in 2013 with the Company’s acquisition of Alliance Bancorp. A Certified Public Accountant, she has over 25 years of experience in accounting and finance. She started her career at PricewaterhouseCoopers, LLP. Burns earned her bachelor’s degree in business administration from St. Bonaventure University.
Contact: Florence R. Doller
Senior Vice President and Director of Corporate Communications
NBT Bancorp Inc.
52 South Broad Street
Norwich, NY 13815
607-337-6118
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