Watt reflects on time at NBT as he prepares for retirement

NORWICH — While the Jan. 22 announcement that NBT Bancorp, Inc. (NASDAQ: NBTB) President/CEO John H. Watt, Jr. will retire this coming May might have caught some by surprise, it’s a decision Watt says he reached last year. What spurred the decision? “The bench!” he tells The Central New York Business Journal. “The strength of the individuals on the team.” The team he’s referring to are CFO Scott A. Kingsley, who will step into NBT’s president and CEO role on May 21 when Watt officially retires; Chief Accounting Officer Annette L. Burns, who will become CFO; and President of Retail Community Banking and Chief Information Officer Joseph R. Stagliano, who will become president of NBT Bank, N.A. All of them are hardworking and exceedingly competent, Watt says. “Recognizing that, how could I not step aside and provide them opportunity?” he posits. Part of being a good steward of a public company is not just training new leaders, but also providing the opportunity for them to lead, Watt says. The failure to do so could drive those leaders to look elsewhere for those opportunities. Watt approached the board of directors with his plans to retire last year, and the board undertook a 10-month process to draft and approve a succession plan. “I had a good run, no doubt about it,” Watt says of his time at the helm. He will spend the time between now and May ensuring a smooth transition to the new leadership team. “My job after that will be to get out of their way,” he says. With his retirement, Watt won’t completely be stepping away from NBT, which he has led as president and CEO since 2016. Watt is most proud of the team at NBT, especially with their efforts during the pandemic. The way that the entire team came together during that time to help the communities NBT serves, including initiating more than $800 million in Paycheck Protection Program loans, is nothing short of incredible, he notes. “I’m very proud of how the team came together.” Another highlight is last year’s acquisition of Salisbury Bancorp, which expanded NBT’s footprint and number of employees. NBT grew from about $8 billion in assets to nearly $14 billion during his tenure. “We needed to drive growth, and we did,” Watt recalls. He’s also proud that the company’s C-suite includes six female executive VPs, something that isn’t common in the industry. They are true leaders that are harder working and smarter than him, Watt notes. Watt doesn’t plan to spend his retirement days relaxing. Joking that he put away his golf clubs a decade ago because the sport is too frustrating, Watt says he feels the need to remain busy and work to give back to the company and the community. He will continue to serve the board of directors as vice chairman, where he will provide strategic support for NBT’s initiatives along the semiconductor chip corridor, and also serve as an advisor through the end of the year. “It’s such a unique, once-in-a-hundred-year opportunity,” he says of the growth the region, particularly Syracuse, is poised for with the semiconductor industry. To see combined federal and state support to re-shore the industry is transformational, and he doesn’t want to miss it. Watt also wants to make sure that NBT benefits along with the community as the need for housing grows and as contractors, franchisees, and businesses of all sizes need loans to get started or grow. “All of these things are going to multiply, and we have the opportunity to be part of that,” he says. People will need loans, insurance, and even wealth management. “We’ll be there.” Watt also plans to remain active with OnPoint for College, a nonprofit education and career-attainment program that helps students pursue post-secondary educational goals. Last year, NBT committed to funding a career-advisor position at the organization, and Watt plans to continue to be involved with OnPoint. He also hopes to do a little fishing. “I will admit that once in a while, I have a fishing pole in my hand, and I hope to do a little more of that,” Watt quips. Headquartered in Norwich, NBT Bancorp is the holding company for NBT Bank, N.A. and has more than $13.8 billion in assets. NBT Bank has 153 branches in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut. The company also operates EPIC Advisors, Inc., a Rochester–based benefits-administration firm, and NBT Insurance Agency, LLC, a Norwich–based full-service insurance agency