Beacon Financial Corporation filed an 8-K with the SEC on September 21, 2026, disclosing the retirement of President and Chief Executive Officer Paul A. Perrault and the appointment of Sean A. Gray as his successor, both effective September 21, 2026.

Key Highlights

  • CEO retirement: Paul A. Perrault notified the boards of Beacon Financial Corporation and Beacon Bank & Trust on September 15, 2026, of his intent to retire as President and CEO effective September 21, 2026.
  • New CEO appointed: Sean A. Gray, age 50, was appointed President and Chief Executive Officer of the Company and the Bank, effective September 21, 2026.
  • Consulting arrangement: Mr. Perrault agreed to provide consulting services for twelve months following the effective date at a fee of $120,000 per month, plus payment of his 2026 annual bonus based on actual performance and continuation of certain benefits.
  • Gray's prior role: Mr. Gray had served as Chief Operating Officer of the Company since 2025, following the merger between Brookline Bancorp, Inc. and Berkshire Hills Bancorp, Inc.
  • Board changes: Mr. Perrault resigned from the boards of both the Company and the Bank, while Mr. Gray was appointed to both boards, effective the same date; Mr. Gray will not serve on any board committees.
  • Exchange listing: Beacon Financial Corporation common stock trades on NYSE:BBT.

Beacon Financial CEO Transition: Perrault Out, Gray In as of September 21, 2026

According to the filing, Paul A. Perrault informed the boards of directors of Beacon Financial Corporation and its wholly owned subsidiary Beacon Bank & Trust on September 15, 2026, that he would retire as President and Chief Executive Officer and resign from both boards, with all changes taking effect on September 21, 2026. The company disclosed that a Consulting Agreement, dated September 18, 2026, was entered into to assist with the leadership transition.

The filing states the Consulting Agreement provides for a consulting fee of $120,000 per month for twelve months following the effective date, payment of Mr. Perrault's annual bonus for 2026 based on actual performance, and continuation of certain benefits. The agreement also, according to the filing, "acknowledges certain benefits that Mr. Perrault is entitled to receive on retirement pursuant to his existing employment agreement and the Company's Equity Award Treatment Upon Retirement ('Good Leaver') Policy," subject to Mr. Perrault's execution of a release of claims and his entrance into certain restrictive covenant obligations.

Sean A. Gray, age 50, was appointed as the incoming President and CEO of both the Company and the Bank by their respective boards, effective September 21, 2026. The filing indicates Mr. Gray previously served as Chief Operating Officer of the Company since 2025, a role that followed the merger between Brookline Bancorp, Inc. and Berkshire Hills Bancorp, Inc. to form the Company. Prior to that, from 2015 to 2025, Mr. Gray served as Senior Executive Vice President of Berkshire Hills Bancorp, Inc., and from 2018 to 2025, as President and Chief Operating Officer of Berkshire Bank. The filing states there are no arrangements, family relationships, or related party transactions requiring disclosure in connection with Mr. Gray's selection.

What Was Disclosed

Beacon Financial Corporation reported the retirement of CEO Paul A. Perrault and appointment of Sean A. Gray as President and CEO, both effective September 21, 2026, along with the terms of a post-retirement consulting agreement with Mr. Perrault.