Eastern Bankshares Announces Board Leadership Transition, Peter K. Markell to Become Lead Independent Director in 2027
Eastern Bankshares, Inc. (Nasdaq: EBC), the parent company of Eastern Bank, has announced a series of leadership changes to its Board of Directors, including the appointment of Peter K. Markell as the company’s next Lead Independent Director, effective January 1, 2027. The appointment represents an important step in the company’s ongoing board succession planning and corporate governance strategy.
Markell will succeed Deborah C. Jackson, who will step down from the Lead Independent Director position on January 1, 2027, ahead of her planned retirement from the Board at the end of 2027. Jackson will continue serving as a director throughout 2027, providing guidance and supporting the transition of leadership responsibilities.
In addition to the Lead Independent Director transition, Eastern Bankshares announced the upcoming retirement of Richard E. Holbrook, Director and Chair Emeritus, and the resignation of Luis A. Borgen from the Board. Both departures will become effective December 31, 2026. Holbrook’s retirement follows the mandatory age limitations established under the company’s Corporate Governance Guidelines, while Borgen has decided to step down to devote more time to his personal and professional commitments.
These changes reflect Eastern Bankshares’ continued focus on board effectiveness, leadership continuity and maintaining strong corporate governance practices as the company moves into 2027.
Peter K. Markell Appointed Lead Independent Director
Peter K. Markell brings extensive financial management experience, corporate governance knowledge and a long-standing relationship with Eastern Bankshares to his new leadership position. He has served as a director of Eastern Bankshares and as a trustee of its predecessor holding company, Eastern Bank Corporation, since 2006.
During his tenure, Markell has held several important responsibilities within the Board’s committee structure. He currently serves as Chair of the Audit Committee and is also a member of the Risk Management Committee and the Compensation and Human Capital Management Committee. His experience across these committees has provided him with a broad understanding of the company’s financial oversight, risk management practices, executive compensation policies and governance priorities.
The Board’s Nominating and Governance Committee recommended Markell for the Lead Independent Director position. The independent directors subsequently elected him to the role in accordance with the company’s Corporate Governance Guidelines.
Markell currently serves as Executive Vice President and Chief Financial Officer of Brown University Health, formerly known as Lifespan. He assumed the position in January 2023, bringing significant experience in financial leadership and healthcare administration to the organization.
Before joining Brown University Health, Markell held senior financial and administrative leadership positions at Mass General Brigham. He served as Executive Vice President of Administration and Finance, Chief Financial Officer and Treasurer of the healthcare organization. He joined Mass General Brigham in 1999 and continued in various leadership capacities until March 2021.
Earlier in his professional career, Markell worked as a partner at Ernst & Young LLP, where he developed substantial experience in financial reporting, accounting, auditing and business advisory services. He is a Certified Public Accountant and graduated from Boston College.
His connection with Boston College also extends beyond his academic background. Markell previously served as Chair of the Board of Trustees and Chair of the institution’s Finance Committee, demonstrating his experience in institutional leadership, financial oversight and board governance.
In addition to his responsibilities at Brown University Health and Eastern Bankshares, Markell serves on the boards of directors of Huron Consulting Group Inc. and CodaMetrix. These positions further strengthen his experience working with organizations across different sectors and navigating complex business and financial matters.
His extensive professional background, combined with nearly two decades of service on Eastern’s Board, positions him to take on the responsibilities of Lead Independent Director.
Eastern Bankshares Leadership Recognizes Markell’s Experience
Bob Rivers, Executive Chair and Chair of the Board of Directors of Eastern Bankshares and Eastern Bank, expressed confidence in Markell’s appointment and highlighted the financial expertise and institutional knowledge he brings to the position.
Rivers noted that Markell has been a trusted and consistent voice on the Board for approximately two decades. His financial background, leadership of the Audit Committee and participation in multiple Board committees have given him a comprehensive understanding of Eastern’s operations and governance priorities.
According to Rivers, these qualities make Markell particularly well suited to lead the company’s independent directors and support the Board’s continued effectiveness.
Rivers also recognized the contributions of outgoing Lead Independent Director Deborah C. Jackson, who has held the position since 2018. During her tenure, Jackson helped guide the Board through a significant period of corporate development and organizational transformation.
Her leadership covered several important milestones, including Eastern Bankshares’ initial public offering and a series of mergers that contributed to the company’s growth and expanded market presence.
Rivers emphasized that Jackson consistently maintained the company’s mission and commitment to the communities it serves as central priorities throughout these changes. He also highlighted her role in helping Eastern strengthen its position as the largest locally headquartered bank in Boston.
Although Jackson will relinquish her Lead Independent Director responsibilities at the beginning of 2027, the company will continue to benefit from her experience and guidance during her remaining year on the Board.
Rivers expressed gratitude for her leadership and noted that her continued presence as a director would support the company during the transition.
Markell Expresses Confidence in Eastern’s Future
Commenting on his appointment, Markell expressed appreciation for the confidence placed in him by his fellow directors and acknowledged Jackson’s contributions to the Board.
He highlighted Eastern’s long-standing history and expressed optimism about the company’s future development. Markell also emphasized his intention to work closely with Bob Rivers and the other directors as he assumes his new responsibilities.
Markell’s comments reflect his commitment to supporting the company’s leadership, strengthening its governance framework and contributing to its continued development.
His appointment also provides continuity within the Board, as he has been directly involved in Eastern’s governance and oversight activities since 2006.
The transition is expected to build on the existing Board structure while maintaining independent oversight and effective collaboration among directors.
Deborah C. Jackson to Continue Serving Through 2027
Deborah C. Jackson’s departure from the Lead Independent Director position marks the conclusion of a significant period of leadership at Eastern Bankshares. However, she will remain a member of the Board until her planned retirement at the end of 2027.
Jackson has served on Eastern’s Board for more than 25 years and has held the Lead Independent Director position since 2018. Throughout her tenure, she has witnessed and supported major changes in the company’s business structure, market position and corporate development.
In her remarks, Jackson reflected on Eastern’s history of serving its communities for more than two centuries. She emphasized that the bank’s commitment to the communities it serves remains an important part of its identity and business philosophy.
She described her Board service as a privilege and highlighted the company’s evolution into a publicly traded organization, its organic growth and expansion through several mergers.
Despite these developments, Jackson noted that Eastern has maintained its focus on the customers and communities that form the foundation of its business.
She also expressed strong confidence in Markell’s ability to take on the Lead Independent Director position. Having worked alongside him on the Board, she recognized his contributions as Chair of the Audit Committee and described him as a valued colleague.
Jackson confirmed that she intends to support Markell, Rivers and the other directors throughout the transition to ensure continuity in Board leadership.
She also reiterated her commitment to championing Eastern’s mission during her remaining year as a director.
Her continued involvement through 2027 is expected to provide institutional knowledge and leadership support as Markell assumes the responsibilities of the independent directors’ lead position.
Richard E. Holbrook to Retire from the Board
Eastern Bankshares also announced that Richard E. Holbrook, Director and Chair Emeritus, will retire from the Boards of Directors of both Eastern Bankshares and Eastern Bank, effective December 31, 2026.
The retirement is being carried out in accordance with the mandatory age limitations for directors established under the company’s Corporate Governance Guidelines.
Holbrook has been associated with Eastern Bank for several decades and has played an important role in its executive leadership and corporate development.
He joined Eastern in 1996 and became a director of Eastern Bank in 2001. Over the years, he held several senior leadership positions, including Chief Financial Officer, Chief Executive Officer and Board Chair.
Holbrook served as Chair and Chief Executive Officer of Eastern Bank beginning in 2007 and continued in those roles until his retirement from executive leadership in 2016.
Following his retirement as Chair and CEO, he remained involved with the organization through his Board service and was recognized as Chair Emeritus.
Immediately before his upcoming retirement, Holbrook served on the Board’s Risk Management Committee.
His extensive experience in community banking, financial management and executive leadership has contributed to Eastern’s development over the years. His departure will bring to a close a long period of service to the organization.
Rivers acknowledged Holbrook’s significant contributions, highlighting his leadership and financial stewardship throughout his career at Eastern.
He noted that Holbrook’s work as CFO, CEO, Board Chair and Director helped strengthen the organization and supported its growth within the community banking industry.
Rivers also recognized the value of Holbrook’s long-standing relationship with Eastern and expressed gratitude for the experience and leadership he brought to the company.
Luis A. Borgen Resigns from the Board
Alongside Holbrook’s retirement, Luis A. Borgen will resign from the Boards of Directors of Eastern Bankshares and Eastern Bank, effective December 31, 2026.
Borgen has served as a director of Eastern Bank since 2016 and has contributed significant financial and public company leadership experience during his tenure.
He most recently chaired the Board’s Risk Management Committee, where his professional background supported the company’s oversight of risk-related matters and governance responsibilities.
Borgen is an experienced public company finance executive who has held senior financial leadership positions at several publicly traded organizations.
One of his notable previous positions was Chief Financial Officer of athenahealth, Inc. His experience in executive finance roles has provided him with a strong background in financial strategy, corporate reporting and organizational management.
Before his corporate career, Borgen also served as a Captain in the United States Air Force.
His combination of military service and senior financial leadership experience has contributed to his perspective as a Board member.
According to Eastern Bankshares, Borgen’s decision to resign is intended to allow him to devote additional time to his personal and professional commitments.
The company clarified that neither Holbrook’s retirement nor Borgen’s resignation resulted from any disagreement with Eastern Bankshares regarding its operations, policies or practices.
This clarification confirms that the departures are not associated with any reported dispute involving the company’s business strategy, management decisions or corporate governance approach.
Bob Rivers Acknowledges Contributions of Departing Directors
Rivers expressed appreciation for the contributions made by Holbrook and Borgen during their respective periods of service.
He highlighted Holbrook’s long association with Eastern, noting that his contributions extended across several important leadership positions. From his early work as Chief Financial Officer to his later responsibilities as Chief Executive Officer, Board Chair and Director, Holbrook played a significant role in the company’s financial management and strategic development.
Rivers also recognized Borgen’s decades of financial expertise and experience working with publicly traded companies. His knowledge and leadership as Chair of the Risk Management Committee provided valuable support to the Board’s oversight responsibilities.
On behalf of the Board and leadership team, Rivers thanked Jackson, Holbrook and Borgen for their guidance, professional expertise and contributions to the organization.
He also expressed his intention to work closely with Markell and the remaining Board members as Eastern continues to serve its customers, employees, communities and shareholders.
Board Changes Reflect Continued Focus on Corporate Governance
The announced changes represent an important period of Board succession and leadership transition for Eastern Bankshares as it prepares for 2027.
Markell’s appointment as Lead Independent Director will bring a new leadership structure to the independent directors, supported by his long-standing relationship with the company and extensive financial management background.
At the same time, Jackson’s continued Board service through the end of 2027 is expected to provide valuable continuity and facilitate a smooth transition of responsibilities.
The departures of Holbrook and Borgen will also create changes within the Board’s leadership and committee structure, particularly in areas involving financial oversight and risk management.
Eastern Bankshares has emphasized the importance of maintaining strong corporate governance practices and ensuring that its Board continues to provide effective oversight as the organization develops.
With Markell assuming the Lead Independent Director position and the other announced changes taking effect at the end of 2026, the company is preparing for a new phase of Board leadership while building on the experience and institutional knowledge of its existing directors.
The transition also reflects Eastern’s continued commitment to its long-standing community banking mission, which has remained central to the organization throughout its history and recent expansion.
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