Beacon Financial Corporation Announces CEO Transition: Sean A. Gray Appointed Chief Executive Officer; Paul A. Perrault to Retire
 

Beacon Financial Corporation (NYSE: BBT) (the “Company”), the holding company of Beacon Bank (the “Bank”), today announced that the joint Board of Directors of the Company and the Bank unanimously appointed Sean A. Gray as Chief Executive Officer of the Company and the Bank, effective September 21, 2026. Mr. Gray will also serve as a member of the Boards of the Company and the Bank. Mr. Gray’s appointment is the result of the Company’s succession planning process conducted by the Corporate Governance and Nominating Committee of the Board and Richard Perkey of Caldwell Partners in preparation for the retirement of Paul A. Perrault, who retired today as Chief Executive Officer of the Company and the Bank. His retirement is the culmination of a distinguished banking career spanning more than five decades. Mr. Perrault will remain with the Company in a consulting capacity for one year to support a smooth and orderly transition.

Over nearly three decades in banking, Mr. Gray has led and overseen commercial banking, asset-based lending, wealth management, specialty lending and other fee-based businesses, along with key enterprise functions and operating teams. That experience positions him to lead Beacon with strategic perspective, practical operating discipline and a strong appreciation of the Company’s stakeholders.

“Sean is an established leader with broad operating expertise, deep institutional knowledge and proven relationships with our colleagues, clients, shareholders and communities,” said David M. Brunelle, Chairperson of the Board of Directors. “His appointment represents an important catalyst for Beacon’s next phase of profitable growth as the Company remains focused on delivering the commitments established through the merger: accelerating execution, strengthening performance and fully realizing the promise of the combined company.”

Mr. Brunelle added, “On behalf of the Board, I want to thank Paul for his exceptional leadership, service and many contributions to Beacon and to the banking industry throughout his fifty-year career. We now have a stronger banking franchise with exceptional colleagues and deep client relationships that is well positioned for future success under Sean’s leadership.”

“Beacon is well-positioned to grow, with greater scale, expanded capabilities and a stronger operating platform that allows us to accelerate our progress as a relationship-driven commercial bank,” said Mr. Gray. “At the same time, we will continue to support our regional operating model, local decision-making and market-centered leadership so we remain close to our clients and communities. Our focus must be on disciplined execution, enhancing performance, and accountability to all stakeholders as we operate as one company with one culture and one commitment.”

Most recently, Mr. Gray served as Chief Operating Officer of the Company where he oversaw all enterprise operations and the merger’s successful systems integration. Prior to the merger of Brookline Bancorp, Inc. and Berkshire Hills Bancorp, Inc. to create Beacon Financial Corporation, Mr. Gray served as President and Chief Operating Officer of Berkshire Bank from November 2018 through 2025 and as Senior Executive Vice President of Berkshire Hills Bancorp, Inc. from 2015 through 2025. He also served as the interim CEO from August 2020 through January 2021. During his tenure at Berkshire Bank, which began in 2007, Mr. Gray led core operating divisions including retail and commercial banking, specialty lending, and wealth management, as well as key enterprise functions including technology, risk management, human resources, marketing, corporate development, strategy and analytics, and regional market leadership. Mr. Gray earned a Master of Business Administration from Duke University’s Fuqua School of Business and a Bachelor of Science from Bentley University.

“We have important opportunities ahead to fully realize merger efficiencies, optimize our expense base and strengthen performance,” Mr. Gray added. “We will be disciplined and opportunistic in how we allocate capital. We will focus on organic growth and maintaining our dividend while diversifying the ways we return capital to shareholders. I look forward to working with our leadership team and colleagues across Beacon to accelerate execution and advance the Company’s next phase of growth.”

ABOUT BEACON FINANCIAL CORPORATION
Beacon Financial Corporation (NYSE: BBT) is the holding company for Beacon Bank & Trust, commonly known as Beacon Bank, a full-service regional bank serving the Northeast. Headquartered in Boston, the Company has $22.3 billion in assets and more than 145 branches throughout New England and New York. Beacon Bank offers a full suite of tailored banking solutions including commercial, cash management, asset-based lending, retail, consumer and residential products and services. The Company also provides equipment financing through its Eastern Funding subsidiary, SBA lending through its 44 Business Capital division, and private wealth services through Beacon Bank and Clarendon Private.