---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-078194"
form_type: "8-K"
ticker: "CBU"
cik: "0000723188"
company_name: "COMMUNITY FINANCIAL SYSTEM, INC."
filed_at: "2023-07-05T23:59:59+00:00"
generated_at: "2026-06-13T12:56:21.691874+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-078194
- form_type: 8-K
- ticker: CBU
- cik: 0000723188
- company_name: COMMUNITY FINANCIAL SYSTEM, INC.
- filed_at: 2023-07-05T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/723188/000110465923078194/0001104659-23-078194-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/723188/000110465923078194/tm2320605-1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-078194
- JSON: https://secwatch.observer/filing/0001104659-23-078194.json
- Plain text: https://secwatch.observer/filing/0001104659-23-078194.txt

## Key facts
- Executive change
  Dimitar A. Karaivanov was appointed as President and Chief Executive Officer at COMMUNITY FINANCIAL SYSTEM, INC..
  - Action: selected
  - Role: President and Chief Executive Officer
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723188/000110465923078194/0001104659-23-078194-index.htm
- Executive change
  Dimitar A. Karaivanov was appointed as Director at COMMUNITY FINANCIAL SYSTEM, INC..
  - Action: appointed
  - Role: Director
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723188/000110465923078194/0001104659-23-078194-index.htm
- Executive change
  Mark E. Tryniski departed as President and Chief Executive Officer at COMMUNITY FINANCIAL SYSTEM, INC..
  - Action: retire
  - Role: President and Chief Executive Officer
  source text: Mark E. Tryniski will retire as the Company’s President and Chief Executive Officer (“CEO”) effective as of December 31, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723188/000110465923078194/0001104659-23-078194-index.htm

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