{"id":767766,"date":"2023-07-05T10:55:19","date_gmt":"2023-07-05T14:55:19","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/community-bank-system-inc-announces-ceo-succession-plan\/"},"modified":"2023-07-05T10:55:19","modified_gmt":"2023-07-05T14:55:19","slug":"community-bank-system-inc-announces-ceo-succession-plan","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/community-bank-system-inc-announces-ceo-succession-plan\/","title":{"rendered":"Community Bank System, Inc. Announces CEO Succession Plan"},"content":{"rendered":"

<\/p>\n

Community Bank System, Inc. Announces CEO Succession Plan<\/b><\/p>\n

SYRACUSE, N.Y.–(BUSINESS WIRE<\/a>)–
\nCommunity Bank System, Inc. (NYSE: CBU) (the \u201cCompany\u201d) today announced that Mark E. Tryniski will retire as the Company\u2019s President and Chief Executive Officer (\u201cCEO\u201d) 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 \u201cBank\u201d). 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 \u201cBoard\u201d) has selected Dimitar A. Karaivanov, the Company\u2019s Executive Vice President and Chief Operating Officer (\u201cCOO\u201d), 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.<\/p>\n

\nMr. 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\u2019s four business lines \u2013 benefits administration, insurance services and wealth management. In October 2022, he was appointed COO, adding responsibility for the Company\u2019s banking business \u2013 Community Bank, N.A. Prior to joining the Company, Mr. Karaivanov served as Managing Director in Lazard\u2019s 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\u2019s Stonier Graduate School of Banking.<\/p>\n

\nEric E. Stickels, Chair of the Board said, \u201cThe 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\u2019s 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\u2019s 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.\u201d<\/p>\n

\nMr. Tryniski commented, \u201cIt 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\u2019s capable leadership.\u201d<\/p>\n

\nMr. Karaivanov expressed his excitement for the new role, \u201cI 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\u2019s reputation as a thriving company focused on our clients, communities and colleagues.\u201d<\/p>\n

\nCommunity Bank System, Inc. is a diversified financial services company focused on four main business lines \u2013 banking, benefits administration, insurance services and wealth management. Its banking subsidiary, Community Bank, N.A. is among the country\u2019s 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\u2019s 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\u2019s 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\u2019s stock trades under the symbol CBU. For more information about Community Bank visit www.cbna.com<\/a> or https:\/\/ir.communitybanksystem.com<\/a>.<\/p>\n

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\u2019s 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\u2019s 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\u2019s 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\u2019s 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\u2019s expectations, refer to its reports filed with the Securities and Exchange Commission (\u201cSEC\u201d), including the discussion under \u201cRisk Factors\u201d as filed with the SEC and available on the Company\u2019s website at https:\/\/ir.communitybanksystem.com<\/a> and on the SEC\u2019s website at www.sec.gov<\/a>. 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.<\/i><\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230705165323\/en\/<\/a><\/span><\/p>\n

\nJoseph E. Sutaris,
\n
EVP & Chief Financial Officer
\n
Office: (315) 445-7396<\/p>\n

KEYWORDS:<\/b> New York United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Professional Services Business Other Professional Services Finance Banking Personal Finance<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
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Community Bank System, Inc. Announces CEO Succession Plan SYRACUSE, N.Y.–(BUSINESS WIRE)– Community Bank System, Inc. (NYSE: CBU) (the \u201cCompany\u201d) today announced that Mark E. Tryniski will retire as the Company\u2019s President and Chief Executive Officer (\u201cCEO\u201d) 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 \u201cBank\u201d). 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 \u201cBoard\u201d) has selected Dimitar A. Karaivanov, the Company\u2019s Executive Vice President and Chief Operating Officer (\u201cCOO\u201d), to succeed Mr. Tryniski effective as of January 1, … <\/p>\n

Continue reading “Community Bank System, Inc. Announces CEO Succession Plan”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-767766","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nCommunity Bank System, Inc. Announces CEO Succession Plan - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/community-bank-system-inc-announces-ceo-succession-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Community Bank System, Inc. 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