Kenneth Brennan has stepped down as president and CEO of Newton-based Village bank, and has been replaced by CFO Joseph De Vito.<br /><br />Brennan had been chief executive since 1991. He stepped down during the bank's annual meeting Wednesday where he was also elected to serve as chairman of the bank's board.<br /><br />Alfonso De Vito, chairman of the board since Village Bank was created by the merger of Auburndale Co-operative Bank and Newton South Co-operative Bank in 2003, will remain on the board, the bank said in a statement.<br /><br />Joseph De Vito was treasurer of Newton South before the merger, and has also held finance positions at Waters Corp., Boston Scientific, Millipore and Raytheon Co.