---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-128869"
form_type: "8-K"
ticker: "CBU"
cik: "0000723188"
company_name: "COMMUNITY FINANCIAL SYSTEM, INC."
filed_at: "2023-12-22T23:59:59+00:00"
generated_at: "2026-06-07T08:34:23.114191+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Community Bank System elects Dimitar Karaivanov to board; authorizes 2.7M share repurchase program

## Summary
- Dimitar Karaivanov, currently EVP/COO, elected to Board effective Jan 1, 2024; will become President and CEO on same date.
- Karaivanov will serve on the Risk Committee of the Company and Community Bank, N.A.
- Board approved stock repurchase program for up to 2,697,000 shares during twelve months starting Jan 1, 2024.
- New program replaces existing authorization expiring Dec 31, 2023; 607,161 shares repurchased year-to-date.

## SEC filing metadata
- accession: 0001104659-23-128869
- form_type: 8-K
- ticker: CBU
- cik: 0000723188
- company_name: COMMUNITY FINANCIAL SYSTEM, INC.
- filed_at: 2023-12-22T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 5.02, 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/723188/000110465923128869/0001104659-23-128869-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/723188/000110465923128869/tm2333495d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-128869
- JSON: https://secwatch.observer/filing/0001104659-23-128869.json
- Plain text: https://secwatch.observer/filing/0001104659-23-128869.txt

## Key facts
- Executive change
  Dimitar Karaivanov changed role as President and Chief Executive Officer at COMMUNITY FINANCIAL SYSTEM, INC..
  - Action: assume the role
  - Role: President and Chief Executive Officer
  source text: Mr. Karaivanov’s election to the Board is part of the previously announced succession plan in which Mr. Karaivanov will assume the role of President and Chief Executive Officer of the Company and the Bank effective as of January 1, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723188/000110465923128869/0001104659-23-128869-index.htm
- Executive change
  Dimitar Karaivanov was elected as Director at COMMUNITY FINANCIAL SYSTEM, INC..
  - Action: elected
  - Role: Director
  source text: elected Dimitar Karaivanov, the Company’s Executive Vice President and Chief Operating Officer (“COO”), to serve as a Director of the Company and its wholly-owned subsidiary, Community Bank, N.A. (the “Bank”), effective as of January 1, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723188/000110465923128869/0001104659-23-128869-index.htm

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