Community Bank System, Inc. announced the retirement of CEO, Mark E. Tryniski and appointment of Dimitar A. Karaivanov as Tryniski's successor
Leadership Changes
July 5, 2023
Community Bank System, Inc. (CBU) made a significant announcement today regarding the retirement of their esteemed President and Chief Executive Officer, Mark E. Tryniski. Community Bank System has also revealed its succession plan, appointing Dimitar A. Karaivanov, the current Executive Vice President and Chief Operating Officer, as Tryniski's successor. This strategic move marks an exciting chapter for Community Bank System and sets the stage for continued growth and success in the future.
After serving as the President, CEO, and Director of Community Bank System, Inc. since August 2006, Mark E. Tryniski will retire from his role, effective December 31, 2023. Tryniski has been instrumental in driving Community Bank System's growth, transforming it from $4.2 billion in total assets to an impressive $15.2 billion today. Under his leadership, Community Bank System has upheld core values of integrity, excellence, teamwork, and humility, fostering a corporate culture that promotes these ideals. Tryniski's retirement will not sever ties completely, as he has agreed to serve as a Director of Community Bank System and its wholly owned banking subsidiary until December 31, 2024.
Taking the helm from Tryniski on January 1, 2024, will be Dimitar A. Karaivanov, who currently holds the position of Executive Vice President and Chief Operating Officer at Community Bank System, Inc. Karaivanov joined Community Bank System in June 2021, assuming responsibility for the financial performance of multiple business lines, including benefits administration, insurance services, wealth management, and the banking business of Community Bank, N.A. With his extensive experience as an investment banker and a track record of success at leading financial services firms, Karaivanov is well-equipped to lead Community Bank System into the future.
As part of the transition, Community Bank System's Board of Directors will expand to 13 members. Mr. Karaivanov will not only assume the role of CEO but will also be appointed as a Director of Community Bank System and its subsidiary, effective January 1, 2024. This expansion of the board demonstrates Community Bank System's commitment to strong governance and diverse perspectives, ensuring continued success in an ever-evolving market.
Eric E. Stickels, Chair of the Board, expressed gratitude to Mark E. Tryniski for his exceptional leadership and invaluable contributions to Community Bank System. Under Tryniski's guidance, Community Bank System has experienced remarkable growth and cultivated a corporate culture deeply rooted in Community Bank System's core values. Stickels also commended Dimitar A. Karaivanov for his demonstrated commitment to Community Bank System and his ability to align with Community Bank System's culture, emphasizing his readiness to lead the organization to new heights.
Mr. Karaivanov expressed his enthusiasm for his upcoming role as the President and CEO of Community Bank System, Inc. He expressed gratitude for the trust placed in him by the Board and acknowledged Tryniski's mentorship. Karaivanov is thrilled to lead the dynamic and diverse team at Community Bank System and aims to uphold Community Bank System's stellar reputation for prioritizing clients, communities, and colleagues.
Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on daily opportunities from 6,300 companies monitored 24/7. Act on facts, not opinions, and let LevelFields help you become a better trader.