---
schema_version: "secwatch.filing_event.v1"
accession: "0001018399-24-000049"
form_type: "8-K"
ticker: null
cik: "0001018399"
company_name: "ENTERPRISE BANCORP INC /MA/"
filed_at: "2024-06-07T23:59:59+00:00"
generated_at: "2026-06-01T05:27:07.697344+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001018399-24-000049
- form_type: 8-K
- cik: 0001018399
- company_name: ENTERPRISE BANCORP INC /MA/
- filed_at: 2024-06-07T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1018399/000101839924000049/0001018399-24-000049-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1018399/000101839924000049/ebtc-20240605.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001018399-24-000049
- JSON: https://secwatch.observer/filing/0001018399-24-000049.json
- Plain text: https://secwatch.observer/filing/0001018399-24-000049.txt

## Key facts
- Executive change
  Steven R. Larochelle was appointed as Chief Executive Officer at ENTERPRISE BANCORP INC /MA/.
  - Action: appointed
  - Role: Chief Executive Officer
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1018399/000101839924000049/0001018399-24-000049-index.htm
- Executive change
  John P. Clancy, Jr. resigned as Chief Executive Officer at ENTERPRISE BANCORP INC /MA/.
  - Action: resigned
  - Role: Chief Executive Officer
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1018399/000101839924000049/0001018399-24-000049-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.