Arrow Financial raises CEO DeMarco's salary to $575k, CFO Ivanov to $390k in amended employment

ARROW FINANCIAL CORP

CEO David DeMarco amended employment: base salary $575,000, target cash bonus 50%, term through Jan 31, 2026.
CFO Penko Ivanov appointed Senior Executive Vice President; base salary increased to $390,000 in new agreement.
DeMarco's agreement effective May 13, 2023, replaces prior deal; board to review 3-year renewal each February anniversary.
Ivanov continues as Treasurer and CFO; amended agreement dated July 18, 2023.

item 5.02 item 9.01

Executive movements

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Role change

Penko K. Ivanov

Senior Executive Vice President

AROW · ARROW FINANCIAL CORP

Effective: 2023-07-18
Filed: July 21, 2023, 7:59 PM ET

The Company has appointed Penko K. Ivanov as Senior Executive Vice President of the Company and the Bank.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Penko K. Ivanov was appointed as Senior Executive Vice President at ARROW FINANCIAL CORP.

Action: appointed
Role: Senior Executive Vice President

Exact text from the filing

The Company has appointed Penko K. Ivanov as Senior Executive Vice President of the Company and the Bank.

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ARROW FINANCIAL CORP filing history →

Source: SEC EDGAR

accession 0000717538-23-000135

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