Thomas Senecal to Succeed Douglas Bowen as PeoplesBank President
HOLYOKE — The PeoplesBank board of directors announced that bank President and CEO Douglas Bowen will retire in July 2016, to be succeeded by Thomas Senecal, currently executive vice president and chief operating officer.
The board’s leadership-succession plan calls for Senecal to become president at the bank’s annual meeting in February 2016. Bowen will become chairman and CEO at that time. Senecal will be named president and CEO in July 2016 upon Bowen’s retirement. During this transition period, Bowen will remain active in his position and the bank’s management and strategy implementation.
Bowen joined PeoplesBank in August 1975 as a teller in the management-development program. He has since worked in almost every department at the bank. In 1986, he started the Commercial Lending department and, in 2002, was named executive vice president and chief lending officer. He was named president and CEO in 2007 and, since that time, has led the bank to its current position in the market, with more than $2 billion in assets and a substantial track record of innovation, community support, environmental sustainability, and employee engagement.
Under Bowen’s tenure, PeoplesBank opened six branches, three of which are LEED-certified; has financed more than $80 million in sustainable-energy projects; and has been named a “Top Place to Work” by the Boston Globe three years in a row. The bank was also named a “Top Charitable Contributor” by the Boston Business Journal seven years in a row. The American Bankers Assoc. gave PeoplesBank a Community Commitment Award for its environmental-sustainability efforts in 2013. The Boston Globe also named Bowen a “Globe 100 Innovator” in 2011.
Meanwhile, Senecal possesses more than 25 years of progressive financial experience. In his current position, he has managed all accounting, financial reporting, and treasury and facility operations. He has overseen asset growth of the bank from $460 million to $2 billion in 2015.
In addition to Senecal’s responsibility for the Finance department, as the COO, he will oversee the Retail, Operations, Internal Control, and Risk Oversight functions. Early next year, he will also be responsible for the Commercial and Consumer Lending, Cash Management, and Human Resources functions.
Senecal holds a bachelor’s degree in business administration from UMass Amherst. He also attended the Tuck Executive Program at Dartmouth College. He is a certified public accountant and a U.S. Coast Guard veteran. He currently serves on the boards of directors of Holyoke Community College, where he is chair of the investment committee; Loomis Communities Inc.; and the Hampshire Regional Chamber of Commerce. He also serves on the advisory council of the Isenberg School of Management at UMass Amherst, and is a member of the Federal Home Loan Bank – Boston advisory panel.
“Under his leadership, I am confident that our customers, our staff, and our future are in very capable hands,” said Bowen, making a statement on behalf of the bank’s board of directors. “Tom and I believe in our bank’s mutual charter. We will remain a mutual bank going forward — committed to helping our customers achieve financial success and to serving the community. It is our mutual charter that powers our values. It is also the structure that allows us to invest in innovation, to contribute to nonprofit and civic causes, to support environmental sustainability, and, perhaps most important of all, to help our associates grow and succeed. Our mutual charter has served us well for 130 years, and it is the key to our future as well.”