ARROW FINANCIAL CORP appointed new CEO

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers


As previously announced on the Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on August 26, 2022 by Arrow Financial Corporation (the "Company"), Edward J. Campanella, Senior Executive Vice President, Treasurer and Chief Financial Officer of the Company, resigned from all positions he holds with the Company and its subsidiaries effective September 30, 2022. On September 28, 2022, the Board of Directors of the Company appointed Thomas J. Murphy, the Company's President and Chief Executive Officer, as interim Treasurer, Chief Financial Officer and Principal Accounting Officer of the Company, effective immediately upon Mr. Campanella's resignation, to serve until his successor shall have been duly elected or qualified, or until his earlier resignation, removal or death. The Company is continuing its search for a permanent replacement for Mr. Campanella.

Mr. Murphy, age 63, is the President and Chief Executive Officer of the Company. He joined the Company's subsidiary bank, Glens Falls National Bank and Trust Company ("GFNB"), in 2004 as manager of its personal trust department. He has served as President of the Company since 2012 and President of GFNB since 2011, and as Chief Executive Officer of the Company and GFNB since 2013. 

Mr. Murphy is party to an employment agreement by and among Mr. Murphy, the Company and GFNB dated January 27, 2022 (the "Employment Agreement"), which is described in the Company's Current Report on Form 8-K filed with the SEC on February 1, 2022 and the full text of which is attached thereto as Exhibit 10.1. Neither the Employment Agreement nor Mr. Murphy's compensation has been modified as a result of his interim appointments. Mr. Murphy has not been appointed pursuant to any arrangement or understanding between himself and any other person. Since January 1, 2022, there have been no transactions, and there are no proposed transactions, to which the Company was or is a participant and in which Mr. Murphy had or will have a material interest that would require disclosure pursuant to Item 404(a) of Regulation S-K under the Securities Exchange Act of 1934, as amended. Mr. Murphy has no family relationships with any director or executive officer of the Company.