Community Bank System, Inc. Announces CEO Succession Plan
05 Julho 2023 - 10:00AM
Business Wire
Community Bank System, Inc. (NYSE: CBU) (the “Company”) today
announced that Mark E. Tryniski will retire as the Company’s
President and Chief Executive Officer (“CEO”) effective as of
December 31, 2023. Since August 2006, Mr. Tryniski has served as
the President, CEO and Director of the Company and its wholly owned
banking subsidiary, Community Bank, N.A. (the “Bank”). Mr. Tryniski
has agreed, if nominated, to serve as a Director of the Company and
the Bank until December 31, 2024. 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. In addition,
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.
Mr. Karaivanov joined the Company in June 2021 as its Executive
Vice President of Financial Services and Corporate Development,
responsible for the business and financial performance of three of
the Company’s four business lines – benefits administration,
insurance services and wealth management. In October 2022, he was
appointed COO, adding responsibility for the Company’s banking
business – Community Bank, N.A. Prior to joining the Company, Mr.
Karaivanov served as Managing Director in Lazard’s Financial
Institutions Group and has extensive experience as an investment
banker for banks, other financial institutions, and fintech
companies at a number of leading financial services firms. Mr.
Karaivanov holds an MBA degree from The Ohio State University Max
M. Fisher College of Business. He is also a graduate of the
American Bankers Association’s Stonier Graduate School of
Banking.
Eric E. Stickels, Chair of the Board said, “The Company owes a
tremendous debt of gratitude to Mark. Mark joined the Company in
2003 as its Chief Financial Officer and has been at the helm since
2006. Under his leadership, the Company has grown from $4.2 billion
in total assets to over $15.2 billion in total assets today. Mark
is the architect of the Company’s core values of integrity,
excellence, teamwork, and humility and has created a corporate
culture that embodies these values and an executive team that is
poised for continued success. We are delighted that Dimitar has
accepted the new position and agreed to continue the Company’s
history of building long-term shareholder value. His previous
service with the Company has demonstrated that he exemplifies our
culture and is ready to lead the Company into the future. We
congratulate Mark on his retirement and look forward to his
continued service on the Board in order to assist us with a
successful transition.”
Mr. Tryniski commented, “It has been an honor and a privilege to
be the CEO of the Company and the Bank. When you love what you do
every day and who you do it with, it is a bittersweet decision to
retire. It has been a joy to work with this dedicated team of
talented and hardworking employees and a great Board of Directors
focused on disciplined growth. I have every confidence that the
Company will continue its history of growth and success under
Dimitar’s capable leadership.”
Mr. Karaivanov expressed his excitement for the new role, “I am
pleased and humbled to have been selected as the next President and
CEO of the Company and the Bank. It has been a true privilege
working side-by-side with Mark and I am honored that the Board has
put their trust in me to lead this dynamic and diverse team and to
uphold Community Bank System’s reputation as a thriving company
focused on our clients, communities and colleagues.”
Community Bank System, Inc. is a diversified financial services
company focused on four main business lines – banking, benefits
administration, insurance services and wealth management. Its
banking subsidiary, Community Bank, N.A. is among the country’s 100
largest banking institutions and operates more than 200 customer
facilities across Upstate New York, Northeastern Pennsylvania,
Vermont, and Western Massachusetts. In addition to a full range of
retail, business, and municipal banking services, the Company
offers comprehensive financial planning, trust administration and
wealth management services through its Community Bank Wealth
Management operating unit. The Company’s Benefit Plans
Administrative Services, Inc. subsidiary is a leading provider of
employee benefits administration, trust services, collective
investment fund administration and actuarial consulting services to
customers on a national scale. The Company’s OneGroup NY, Inc.
subsidiary is a top 100 U.S. insurance agency. Community Bank
System, Inc. is listed on the New York Stock Exchange and the
Company’s stock trades under the symbol CBU. For more information
about Community Bank visit www.cbna.com or
https://ir.communitybanksystem.com.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on the current beliefs and
expectations of the Company’s management and are subject to
significant risks and uncertainties. Actual results may differ from
those set forth in the forward-looking statements. The following
factors, among others, could cause the actual results of the
Company’s operations to differ materially from its expectations:
the macroeconomic and other challenges and uncertainties related to
or resulting from recent bank failures; current and future economic
and market conditions, including the effects on housing prices,
unemployment rates, high inflation, U.S. fiscal debt, budget and
tax matters, geopolitical matters, and global economic growth;
fiscal and monetary policies of the Federal Reserve Board; the
potential adverse effects of unusual and infrequently occurring
events; management’s estimates and projections of interest rates
and interest rate policies; the effect of changes in the level of
checking or savings account deposits and net interest margin;
future provisions for credit losses on loans and debt securities;
changes in nonperforming assets; the effect on stock market prices
on the Company’s fee income businesses, including its employee
benefit services, wealth management, and insurance businesses; the
successful integration of operations of its acquisitions;
competition; changes in legislation or regulatory requirements; and
the timing for receiving regulatory approvals and completing
pending transactions. For more information about factors that could
cause actual results to differ materially from the Company’s
expectations, refer to its reports filed with the Securities and
Exchange Commission (“SEC”), including the discussion under “Risk
Factors” as filed with the SEC and available on the Company’s
website at https://ir.communitybanksystem.com and on the SEC’s
website at www.sec.gov. Further, any forward-looking statement
speaks only as of the date on which it is made, and the Company
undertakes no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which the
statement is made or to reflect the occurrence of unanticipated
events.
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