---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-22-095181"
form_type: "8-K"
ticker: "CBU"
cik: "0000723188"
company_name: "COMMUNITY FINANCIAL SYSTEM, INC."
filed_at: "2022-08-26T23:59:59+00:00"
generated_at: "2026-06-23T21:10:54.126823+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Community Bank System COO promotion and Retail Banking president retirement

## Summary
- Joseph Serbun, President Retail Banking, retires effective Sept 30, 2022 after 14 years.
- Dimitar Karaivanov promoted to EVP & COO effective Oct 1, 2022, overseeing banking, wealth, insurance.
- Karaivanov's base salary adjusted to $525,000 annually; existing employment agreement amended.
- Serbun receives cash severance of 1.5x base salary plus MIP, accelerated equity vesting, and company car.
- Serbun remains bound by 1-year non-compete and 2-year non-solicit covenants.

## SEC filing metadata
- accession: 0001104659-22-095181
- form_type: 8-K
- ticker: CBU
- cik: 0000723188
- company_name: COMMUNITY FINANCIAL SYSTEM, INC.
- filed_at: 2022-08-26T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/723188/000110465922095181/0001104659-22-095181-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/723188/000110465922095181/tm2224615d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-22-095181
- JSON: https://secwatch.observer/filing/0001104659-22-095181.json
- Plain text: https://secwatch.observer/filing/0001104659-22-095181.txt

## Key facts
- Executive change
  Dimitar Karaivanov was appointed as EVP and Chief Operating Officer at COMMUNITY FINANCIAL SYSTEM, INC..
  - Action: appointed
  - Role: EVP and Chief Operating Officer
  source text: In addition, the Company has announced that Dimitar Karaivanov, Executive Vice President (“EVP”) of Financial Services and Corporate Development has been appointed as the Company’s and the Bank’s EVP and Chief Operating Officer effective October 1, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723188/000110465922095181/0001104659-22-095181-index.htm
- Executive change
  Joseph F. Serbun retired as President, Retail Banking at COMMUNITY FINANCIAL SYSTEM, INC..
  - Action: retired
  - Role: President, Retail Banking
  source text: On August 25, 2022, Community Bank System, Inc. (the “Company”) and its wholly-owned subsidiary, Community Bank, N.A. (the “Bank”), announced that that Joseph F. Serbun, President, Retail Banking, has decided to retire after more than 14 years of service with the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723188/000110465922095181/0001104659-22-095181-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.