---
schema_version: "secwatch.filing_event.v1"
accession: "0001171843-23-005325"
form_type: "8-K"
ticker: "SYBT"
cik: "0000835324"
company_name: "Stock Yards Bancorp, Inc."
filed_at: "2023-08-16T23:59:59+00:00"
generated_at: "2026-06-11T09:01:03.062921+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Stock Yards Bancorp announces retirement of wealth management head, names Shannon Budnick as successor

## Summary
- Kathleen C. Thompson to retire as Senior EVP, Director of Wealth Management & Trust effective Jan. 2, 2024.
- Shannon Budnick, currently SVP and Managing Director of Investments, promoted to Executive VP and Director effective Jan. 3, 2024.
- Thompson grew Wealth Management assets from $200M to over $7B since joining in 1992.
- Budnick has over 25 years of experience and will join executive leadership team.
- Transition agreement includes consulting at $250/hour, full vesting of SARs, and noncompete covenants.

## SEC filing metadata
- accession: 0001171843-23-005325
- form_type: 8-K
- ticker: SYBT
- cik: 0000835324
- company_name: Stock Yards Bancorp, Inc.
- filed_at: 2023-08-16T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/835324/000117184323005325/0001171843-23-005325-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/835324/000117184323005325/f8k_081523.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001171843-23-005325
- JSON: https://secwatch.observer/filing/0001171843-23-005325.json
- Plain text: https://secwatch.observer/filing/0001171843-23-005325.txt

## Key facts
- Executive change
  Kathleen C. Thompson departed as Senior Executive Vice President, Director of Wealth Management & Trust Group at Stock Yards Bancorp, Inc..
  - Action: retire
  - Role: Senior Executive Vice President, Director of Wealth Management & Trust Group
  source text: Kathleen C. Thompson, Senior Executive Vice President, Director of Wealth Management & Trust Group at the Company’s subsidiary, Stock Yards Bank & Trust Company (the “Bank”), and a member of the Board of Directors of each of the Company and the Bank, entered into an Executive Transition Agreement on August 16, 2023 (the “Transition Agreement”) with the Company and the Bank pursuant to which she will retire from all positions with the Bank and retire from the Board of Directors of each of the Company and the Bank effective January 2, 2024 (the “Retirement Date”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/835324/000117184323005325/0001171843-23-005325-index.htm
- Executive change
  Shannon Budnick was appointed as Executive Vice President, Director of Wealth Management & Trust Group at Stock Yards Bancorp, Inc..
  - Action: appointed
  - Role: Executive Vice President, Director of Wealth Management & Trust Group
  source text: The Company also announced on August 16, 2023 that, effective January 3, 2024, Shannon Budnick, who now serves as the Bank’s Senior Vice President and Managing Director of Investments, will serve as Executive Vice President, Director of Wealth Management & Trust Group at the Bank.
  evidence_url: https://www.sec.gov/Archives/edgar/data/835324/000117184323005325/0001171843-23-005325-index.htm

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