Kirk W. Walters has been named senior executive vice president and chief financial officer at People’s United Financial Inc., the holding company for People’s United Bank.

He is replacing Paul D. Burner, who recently left the Connecticut-based company. The bank has recently begun expanding in the Bay State, opening two Boston branches and buying local institutions, such as Danvers Bancorp. 

Walters will begin his new duties shortly, and Jeffrey A. Hoyt, senior vice president and controller, will serve as CFO on an interim basis, according to a statement. Walters will also be appointed to the board of directors of People’s United Financial and People’s United Bank.

Walters most recently served as senior executive vice president and a member of the board of directors of Santander Holdings USA Inc., the parent company of Sovereign Bank. Before joining Sovereign, Walters served as executive vice president and CFO of Chittenden Corp., which People’s United acquired in January 2008.

"Kirk brings extraordinary competencies and a wealth of experience built over a finance career that spans more than 30 years," said Jack Barnes, president and CEO of People’s United. "He has worked for 25 years in the banking sector, 22 of which were spent in the Northeast markets where People’s United currently operates and intends to expand."

Barnes added: "As our strategic priorities are increasingly focused on growing and improving the profitability of our existing franchise, Kirk’s addition is a unique opportunity to advance that effort at a faster pace. His experiences at Chittenden and Santander give him an outstanding perspective on the competitive landscape in which we operate."