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2023 C-SUITE Honoree Paul Young

Senior Executive Vice President and Chief Financial Officer Liberty Bank Size of organization: $7.4B in assets Education: MBA, Temple University, Fox School of Business Click here to return to the honoree page
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Winner Category | Chief Financial Officer

Paul Young is the senior executive vice president and CFO of Middletown-based Liberty Bank. In this role, Young is responsible for accounting, treasury, financial planning and analysis, enterprise project management, procurement, digital banking and strategic planning.

He has served as a member of the Business & Industry Executive Committee and the Americas Regional Advisory Panel of the American Institute of CPAs (AICPA). Young is currently a member of the Future of Finance Leadership Advisory Group.

What have been your biggest professional accomplishments over the past year?

As CFO, I lead the strategic planning process and have focused on the development and execution of strategic initiatives that have resulted in record earnings for Liberty Bank. I have worked with the AICPA to help Liberty become the first U.S. bank to implement the Registered Finance Business Partner Program, helping to attract, develop and retain diverse talent.

I developed a new CFO rotational program and married that with the Registered Apprenticeship program to attract diverse talent from our retail branch network and externally from the military. I also partnered with Excelsior University to provide a special discount off tuition for our teammates and customers.

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In what ways are you involved in the community?

I volunteer at various Liberty Bank events to help organizations including the United Way and Connecticut Foodshare. I have served on the board of the Liberty Bank Foundation and actively support St. Jude Children’s Research Hospital. I have been an adjunct professor teaching finance and accounting and enjoy mentoring students.

On the job

Guiding business principle: Each and every day is an opportunity to make a difference in people’s lives and embody our corporate brand to always ‘Be Community Kind,’ while making the most of the opportunities and enjoying the journey.

Best way to keep your competitive edge: Never get complacent and have rigorous discipline around continuous self-improvement. Maintain strategic long-term focus, but make sure to celebrate success along the way.

Best business decision: Maintaining my ethical standards and values by reporting fraud I discovered within the organization despite being pressured by senior executives not to report the illegal behavior.

Worst business decision: Leaving the CPA firm I was working for because of a terrible, abusive manager. I should have addressed the issues directly within the company so they could take action against the manager.

Biggest missed opportunity: Turning down an international assignment and relocation early in my career, which may have led to CFO-type roles sooner. Although it was an opportunity that I passed on, it was the right decision for my family.

Goal yet to be achieved: Help Liberty Bank continue to thrive and reach its full potential, while doing more to inspire young men and women to embark on careers in accounting and finance.

Personal touch in your office: Pictures of my wife and two daughters. An old adding machine with a roll of tape to remind me of my first office job as a premium statistics clerk at Prudential Insurance.

Personal side:

City of residence: Middlefield

Favorite way to relax: Boating

Hobbies: Working out, fishing, fantasy football

Last vacation: December 2019 – Turks & Caicos

Favorite movie: Rocky

The car you drive: Hyundai Santa Fe

Currently reading: “Team of Rivals: The Political Genius of Abraham Lincoln,” by Doris Kearns Goodwin

Favorite cause: St. Jude Children’s Research Hospital

Second choice career: Teaching

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