Provident Financial Services Inc.
03/05/2026 | Press release | Distributed by Public on 03/05/2026 07:31
Management Change/Compensation (Form 8-K)
| Item 5.02 |
Departure of Directors or Principal Officers
|
On February 27, 2026, Valerie O. Murray, President of Beacon Trust Company and Executive Vice President and Chief Wealth Management Officer of Provident Bank, announced her decision to depart from her positions to pursue other opportunities, which resignation will be effective as of May 22, 2026.
The executive's resignation is not related to a disagreement with Provident Financial Services, Inc., Provident Bank (together, the "Company") or Beacon Trust Company on any matter relating to the Company or Beacon Trust Company's operations, policies or practices.
The Company expresses its appreciation for Ms. Murray's leadership, meaningful contributions, and wishes her continued success in her future endeavors.
Pursuant to that notification by Ms. Murray, the Company and Beacon Trust Company entered into a Separation Agreement and General Release with Ms. Murray (the "Agreement"). Pursuant to the Agreement, Ms. Murray will be placed on "garden leave" for the period commencing on March 27, 2026 and ending on May 22, 2026 (such period, the "Garden Leave Term"). During the Garden Leave Term, Ms. Murray will transition into a non-executive role and continue to receive her base salary and participate in the Company's employee benefits. Subject to certain conditions set forth in the Agreement, which includes a full and final release of claims, Ms. Murray will be entitled to receive a lump sum payment of $1,200,000, less required tax withholding, among other items. The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the copy of the Agreement filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference into this Item 5.02(e).
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