JAN 8, 2013 11:05am ET

Cambridge Savings Taps Its CFO to Become CEO

JAN 8, 2013 11:05am ET
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Cambridge Savings Bank in Massachusetts didn't have to look far to find its next chief executive.

The $2.4-billion-asset institution said Monday that Wayne Patenaude, its chief financial officer, has succeeded Robert Wilson as its president and CEO. Patenaude, who has been Cambridge's chief financial and treasurer since 2007, has held key finance posts at Berkshire Bank, American Savings Bank and Glastonbury Bank & Trust.

Cambridge announced in October that it was searching for Wilson's successor. Wilson, who had been Cambridge's president and CEO since 2005, retired at the end of 2012 after taking a medical leave earlier in the year. He had been Cambridge's president and CEO since 2005.

Kevin Fitzgerald, another former CEO, had been serving as acting chief executive since June.

"Cambridge Savings Bank underwent a remarkable transformation over the past five years, delivering outstanding value and service to all of our customers, and Wayne Patenaude performed a central role in this success," Alan McClennen Jr., chairman of Cambridge Financial Group, said in a press release.