Enterprise Bancorp CEO Jack Clancy retires; Steven Larochelle named successor effective June 5

ENTERPRISE BANCORP INC /MA/

CEO John P. Clancy Jr. retired after 35 years at the bank (17 as CEO); will serve as executive advisor through Sep 30, 2024.
Steven R. Larochelle, former Chief Banking Officer, appointed CEO and director, effective immediately.
Larochelle's employment agreement: base salary $600K, min total target direct comp $1.15M, 3-year initial term.
Larochelle received restricted stock grant valued at $250K (June 5, 2024) plus $100K grant effective Jan 2, 2025.
Clancy transition services agreement includes $200K annual salary through Sep 30, 2024, and COBRA benefits for 18 months.

item 5.02 item 9.01

Executive movements

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Appointed

Steven R. Larochelle

Chief Executive Officer

ENTERPRISE BANCORP INC /MA/

Effective: 2024-06-05
Filed: June 7, 2024, 7:59 PM ET

On June 5, 2024, the Boards of Directors of the Company and the Bank appointed Mr. Steven R. Larochelle to serve as the Chief Executive Officer of both the Company and the Bank, effective immediately.

Departed

John P. Clancy, Jr.

Chief Executive Officer

ENTERPRISE BANCORP INC /MA/

Effective: 2024-06-05
Successor: Steven R. Larochelle
Filed: June 7, 2024, 7:59 PM ET

On June 5, 2024, Mr. John P. Clancy, Jr., a director and the Chief Executive Officer of Enterprise Bancorp, Inc. (the “Company”) and its wholly owned subsidiary, Enterprise Bank & Trust Company (the “Bank”), notified the Boards of Directors of the Company and the Bank of his decision to retire from the Boards of Directors and as Chief Executive Officer of the Company and the Bank and transition to an executive advisor role.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Steven R. Larochelle was appointed as Chief Executive Officer at ENTERPRISE BANCORP INC /MA/.

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

On June 5, 2024, the Boards of Directors of the Company and the Bank appointed Mr. Steven R. Larochelle to serve as the Chief Executive Officer of both the Company and the Bank, effective immediately.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

John P. Clancy, Jr. resigned as Chief Executive Officer at ENTERPRISE BANCORP INC /MA/.

Action: resigned
Role: Chief Executive Officer

Exact text from the filing

On June 5, 2024, Mr. John P. Clancy, Jr., a director and the Chief Executive Officer of Enterprise Bancorp, Inc. (the “Company”) and its wholly owned subsidiary, Enterprise Bank & Trust Company (the “Bank”), notified the Boards of Directors of the Company and the Bank of his decision to retire from the Boards of Directors and as Chief Executive Officer of the Company and the Bank and transition to an executive advisor role.

View on SEC.gov

Source: SEC EDGAR

accession 0001018399-24-000049

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