On April 16, 2014, Kirk W. Walters, senior executive vice president and chief financial officer of People's United Financial Inc., advised the company that he will resign from that position effective December 31, 2014. Mr. Walters will remain an executive officer of the company subsequent to that date, with responsibility for corporate development and strategic planning. R. David Rosato, who has been Treasurer of the Bank and the Company since 2007, has been appointed to the position of Senior Executive Vice President.

Mr. Rosato is expected to succeed Mr. Walters as Chief Financial Officer of the Company at year-end, subject to Board approval at that time. In connection with his promotion, Mr. Rosato has been succeeded as Treasurer of the Company and of the Bank by Michael J. Ciborowski, who has held a variety of positions in the Bank's Treasury group over the last 20 years.