Community Bank System CEO Tryniski retiring Dec 31, 2023; COO Karaivanov named successor effective Jan 1, 2024

COMMUNITY FINANCIAL SYSTEM, INC.

Mark Tryniski to step down as President & CEO on Dec 31, 2023; will remain a director through Dec 31, 2024 if nominated.
Dimitar Karaivanov, EVP & COO since 2022, becomes President & CEO on Jan 1, 2024 and will be appointed to the Board.
Karaivanov's employment agreement includes base salary of at least $900,000, annual MIP eligibility, and change-in-control severance up to 3x base plus MIP.
Board expands to 13 directors with Karaivanov's appointment.

item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Dimitar A. Karaivanov

President and Chief Executive Officer

CBU · COMMUNITY FINANCIAL SYSTEM, INC.

Effective: 2024-01-01
Filed: July 5, 2023, 7:59 PM ET

The Board of Directors (the “Board”) has selected Dimitar A. Karaivanov, the Company’s Executive Vice President and Chief Operating Officer (“COO”), to succeed Mr. Tryniski effective as of January 1, 2024.

Appointed

Dimitar A. Karaivanov

Director

CBU · COMMUNITY FINANCIAL SYSTEM, INC.

Effective: 2024-01-01
Filed: July 5, 2023, 7:59 PM ET

the Board will expand to 13 Directors and appoint Mr. Karaivanov as a Director of the Company and the Bank effective as of January 1, 2024.

Departed

Mark E. Tryniski

President and Chief Executive Officer

CBU · COMMUNITY FINANCIAL SYSTEM, INC.

Effective: 2023-12-31
Successor: Dimitar A. Karaivanov
Filed: July 5, 2023, 7:59 PM ET

Mark E. Tryniski will retire as the Company’s President and Chief Executive Officer (“CEO”) effective as of December 31, 2023.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Dimitar A. Karaivanov was appointed as President and Chief Executive Officer at COMMUNITY FINANCIAL SYSTEM, INC..

Action: selected
Role: President and Chief Executive Officer

Exact text from the filing

The Board of Directors (the “Board”) has selected Dimitar A. Karaivanov, the Company’s Executive Vice President and Chief Operating Officer (“COO”), to succeed Mr. Tryniski effective as of January 1, 2024.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Dimitar A. Karaivanov was appointed as Director at COMMUNITY FINANCIAL SYSTEM, INC..

Action: appointed
Role: Director

Exact text from the filing

the Board will expand to 13 Directors and appoint Mr. Karaivanov as a Director of the Company and the Bank effective as of January 1, 2024.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Mark E. Tryniski departed as President and Chief Executive Officer at COMMUNITY FINANCIAL SYSTEM, INC..

Action: retire
Role: President and Chief Executive Officer

Exact text from the filing

Mark E. Tryniski will retire as the Company’s President and Chief Executive Officer (“CEO”) effective as of December 31, 2023.

View on SEC.gov

COMMUNITY FINANCIAL SYSTEM, INC. filing history →

Source: SEC EDGAR

accession 0001104659-23-078194

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