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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."
Posted In: CBU
