Arrow Financial Corporation Announces CEO Changes: Thomas J. Murphy Steps Down, David S. DeMarco Appointed as New CEO
Leadership Changes
May 16, 2023
May 15, 2023
Arrow Financial Corporation, a publicly traded company listed on NasdaqGS® as AROW, has announced changes in its executive leadership. Thomas J. Murphy has terminated his employment as President and Chief Executive Officer of the Company and its lead subsidiary, Glens Falls National Bank and Trust Company ("GFNB") and as a director of the Company and from all other positions he holds with the Company and its affiliates, effective May 12, 2023.
In the same announcement, the Board of Directors has appointed David S. DeMarco as the new President and CEO of Arrow and its lead subsidiary, Glens Falls National Bank and Trust Company ("GFNB"). Mr. DeMarco has been with the Company for 35 years and has served in positions of increasing responsibility since joining the organization in 1987. He currently holds the position of Chief Banking Officer and Senior Executive Vice President and will continue to serve as President and CEO of Arrow subsidiary Saratoga National Bank and Trust Company.
William L. Owens, Chairman of the Arrow Board, expressed his pleasure in Mr. DeMarco's appointment, stating that he has dedicated his career to the Company, understands community banking, and is well-known throughout the organization and the communities it serves. Mr. DeMarco added that it was an honor to be asked to serve as President and CEO of Arrow, and he looked forward to working closely with the team to continue to serve the customers and advance the strategic and financial goals of the company.
Thomas L. Hoy, a retired Arrow Director who recently served as Board Chair and President and CEO of Arrow from 1995 to 2012, also expressed his confidence in Mr. DeMarco, stating that he was extremely knowledgeable about the operation of the banks and the needs of the customers. He added that Mr. DeMarco had been instrumental in the growth of the organization over his many years of service.
Members of LevelFields received the alert of this event on May 15, 9:00 AM ET
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