Beacon Financial Corp CEO Retires; Sean A. Gray Named CEO

What Happened

• Beacon Financial Corporation announced that Paul A. Perrault will retire as President and Chief Executive Officer and resign from the boards of the Company and its subsidiary, Beacon Bank & Trust, effective September 21, 2026.
• The boards appointed Sean A. Gray (age 50) as President and Chief Executive Officer of both the Company and the Bank, also effective September 21, 2026. Mr. Gray has served as the Company’s Chief Operating Officer since 2025 and previously was Senior EVP of Berkshire Hills Bancorp and President & COO of Berkshire Bank.
• To support the transition, Mr. Perrault entered a Consulting Agreement (dated September 18, 2026) to provide services for 12 months after the effective date.

Key Details

• Effective date: September 21, 2026 (retirement and Gray’s appointment).
• Consulting fee to Mr. Perrault: $120,000 per month for 12 months (total $1.44M), plus payment of his 2026 annual bonus (based on actual performance) and continuation of certain benefits.
• The Consulting Agreement acknowledges retirement benefits under his existing employment agreement and the Company’s “Good Leaver” equity policy, subject to a release of claims and new restrictive covenants.
• The Company filed the Consulting Agreement as Exhibit 10.1 and a related press release as Exhibit 99.1 to the 8-K.

Why It Matters

• Leadership change is material: a new CEO can affect strategy, operations and investor confidence; appointing an internal leader (COO) signals continuity rather than an external search.
• The consulting arrangement and bonus/benefit payments represent a near-term cash and expense commitment (notably $120K/month for a year plus bonus), which investors should consider when assessing short-term cash flow and compensation expense.
• The release and restrictive covenant conditions tie the retirement benefits to post-employment obligations, reducing some legal and competitive risk for the Company.