UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(b), (c) Consistent with the previously announced succession plan, on December 31, 2023, Mark E. Tryniski, the President and Chief Executive Officer of Community Bank System, Inc. (the “Company”) and its wholly-owned subsidiary, Community Bank, N.A. (the “Bank”) retired as an executive officer of the Company and the Bank.
On January 1, 2024, Dimitar A. Karaivanov, the Company’s Executive Vice President and Chief Operating Officer (“COO”), was appointed as the Company’s and the Bank’s President and Chief Executive Officer. As previously announced, Mr. Karaivanov was appointed to serve as a Director of the Company and the Bank, effective January 1, 2024.
Mr. Karaivanov, age 41, 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. 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.
There are no arrangements or understandings between Mr. Karaivanov and any other persons pursuant to which he was selected as an executive officer of the Company. There are no family relationships between Mr. Karaivanov and any director or executive officer of the Company. There are no related party transactions between the Company and Mr. Karaivanov that would require disclosure under Item 404(a) of Regulation S-K.
The details regarding Mr. Karaivanov’s employment agreement were disclosed in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 5, 2023 and are incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Community Bank System, Inc. | ||
| By: | /s/ Michael N. Abdo | |
| Name: Michael N. Abdo | ||
| Title: Executive Vice President and General Counsel | ||
Dated: January 5, 2024