Grace Lee, who received the Pinnacle Award earlier this year from the Greater Boston Chamber of Commerce, recently faced some personal challenges. She wanted to support her husband as he dealt with health issues, along with the illness of his elderly mother in Los Angeles.
As she observed her husband step down from a high-profile role, Lee made a similar choice, evaluating her own priorities. It’s not uncommon to reach a peak in one’s career only to realize that life’s demands may steer you in another direction. Some people might pause or reconsider their paths, but Lee prefers to describe her shift as a “pivot.”
This week marked the beginning of Lee’s new role as the CEO of St. Mary’s Credit Union in Marlborough. Previously, she spent three years leading M&T Bank in Massachusetts. Initially, she found it surprising that she was moving from big banks to a smaller credit union. Yet, throughout her career in both public and private sectors, she hadn’t actually been a CEO before.
Lee acknowledged, “You can learn how to run a bank,” indicating her belief in adapting to the situation. While many would opt to stay at their current jobs, Lee felt it was time for a change, although M&T Bank had provided her with other opportunities.
“This was my problem,” she said, explaining that she can’t approach work in a part-time manner. Instead, she immerses herself fully. But amidst these thoughts, her family’s needs became apparent. Reflecting on potential future regrets, Lee expressed a sense of urgency, noting, “Three years from now, my mom… she may not be here.” It underlined her determination not to let work distract her from what truly matters.
For Yvonne Hao, who served as the secretary of economic development under Governor Maura Healy, similar reflections prompted her decisions. After experiencing a family emergency with her mother and recognizing her daughters needed more guidance, she chose to step back from her role, realizing family commitments took precedence.
Hao had previously accomplished significant work, including the passage of a substantial economic development bill. Yet, she felt strongly that fulfilling such responsibilities meant being “everything” to her family as well. Her honesty reflected real priorities in a world where personal and professional lives often clash.
“I told the governor that someone else would do the job better than me,” Hao admitted, emphasizing the importance of being present for her loved ones.
This sentiment resonates widely, particularly among women, who often bear the burden of caregiving. The pandemic highlighted this, with many stepping away from jobs to manage family obligations. Hao’s experience at Amazon influenced her perspective on life decisions, which she likened to “two-way doors.” There’s always a chance to pivot, but some opportunities — like time spent with loved ones — don’t come back once lost.
After her departure, Hao noticed several former executives grappling with similar feelings, many contemplating breaks to address family matters. In her wake, she assured Governor Healy that she would assist in finding a talented successor, which led to Eric Paley stepping into the role.
Lee’s succession plan is also underway at M&T. She was promoted to regional president in 2022 just as the bank acquired People’s United Financial. With strong ties to the community, Lee was viewed as someone who could enhance M&T’s presence in Massachusetts.
M&T’s CEO, Rene Jones, initially sought to understand Lee’s motivation for leaving but ultimately recognized it was a decision for her well-being. Reflecting on their conversation, Jones concluded that facilitating Lee’s departure was ideal, noting, “You’re part of the M&T family, but you’re going to do something that makes us extremely proud.”
During her interview for the CEO position at St. Mary’s, Lee clarified that she was seeking a role that wouldn’t consume all her time. As discussions progressed, there were concerns about whether St. Mary’s, a long-established institution, could offer enough alignment with her goals.
Eventually, Lee found common ground with St. Mary’s, indicating a mutual fit for this new chapter. “She chose us because it has a very meaningful impact on the organization and the communities we serve,” noted Jerry Richer, chair of the board at St. Mary’s, expressing confidence in her potential contributions.
