SOUTH WINDSOR, Conn. (AP) — Rockville Bank’s retired chief executive has strongly criticized the pay raise of a successor at the merged United Bank.
The Journal Inquirer reports that William J. McGurk said at United Bank’s stockholders meeting Tuesday that Chief Executive William Crawford’s 9 percent raise, to $476,000, is excessive.
McGurk said pay raises should be closer to the 2 percent rate of inflation.
The bank’s compensation committee says Crawford’s raise recognized his “strong performance” and puts his salary in line with CEOs at similar-sized banks.
Crawford said after the meeting that McGurk is disgruntled.
The bank was formed in April when Rockville Bank in Connecticut merged with United Bank in Massachusetts.
McGurk also criticized executives for renting homes rather than buying, saying it’s a sign they lack long-term commitment to their communities.
Information from: Journal Inquirer, http://www.journalinquirer.com
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