Photo | Courtesy of Webster Five
Brian Westerlind, president & CEO of Webster Five
2 hours ago
Webster Five selects new finance chief after CFO's rise to CEO
Photo I Webster Five
Michael Reid, CFO of Webster Five
Shortly after Webster Five promoted its CFO Brian Westerlind to president and CEO, the Auburn-based bank has named his successor.
Michael Reid will leverage his more than 14 years of banking and finance experience as he assumes his new C-suite role managing Webster Five’s financial operations, including strategic planning, performance management, and fiscal sustainability, according to a Thursday press release.
“We're thrilled to welcome Michael to our Leadership Team,” Westerlind said in the release. “His ability to pair financial strategy with a deep sense of community purpose will help us continue building an institution that customers can rely on for stability and opportunity.”
Before coming to Webster Five, Reid most recently worked in similar capacities at Enterprise Bank, headquartered in Lowell. As the bank’s senior vice president, senior finance manager, he supervised finance and treasury, utilizing his skills in asset liability management, balance sheet restructuring, and derivative strategy.
Reid graduated with his bachelor’s degree from the UMass Lowell with concentrations in finance and management and a minor in economics.
“Webster Five has always distinguished itself as an institution that combines financial strength with a true commitment to its communities,” Reid said in the release. “I’m excited to help shape strategies alongside this seasoned executive team that ensure the Bank is poised for growth and sustainability now and into the future.”
Reid’s appointment comes as Webster Five has undergone a thorough leadership shakeup.
In February, the bank promoted its inaugural Chief Information Officer Kate Gallo Megraw to the role of chief operating officer.
Later in June, the bank’s President and CEO Don Doyle announced his upcoming retirement after a 20-year tenure, nine of which were spent leading the institution.
With $968.3 million in local deposits, Webster Five is the 13th largest bank in Central Massachusetts when ranked by data collected by WBJ’s Research Department.
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