DeWITT, N.Y. — Community Bank System, Inc. (NYSE: CBU) President/CEO Mark E. Tryniski will retire at the end of this year, and Dimitar A. Karaivanov, the company’s current executive VP and COO, will step into the role on Jan. 1, 2024.
“It has been an honor and a privilege to be the CEO of the company and the bank,” Tryniski said in a news release. “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.”
Tryniski will step down effective Dec. 31, from the role he has filled since August 2006 at the DeWitt–based banking company. He also served as director of the company’s wholly owned banking subsidiary, Community Bank, N.A. Tryniski has agreed, if nominated, to serve as a director of the company and the bank through Dec. 31, 2024. The board will expand to 13 members as Karaivanov will also serve as a director.
“Mark joined the company in 2003 as its chief financial officer and has been at the helm since 2006,” Board Chair Eric E. Stickels said. “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.”
Karaivanov joined Community Bank System in June 2021 as executive VP of financial services and corporate development, where he was 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, Karaivanov was appointed COO, which added responsibility for the company’s banking business through Community Bank, N.A.
“I am pleased and humbled to have been selected as the next president and CEO of the company and the bank,” Karaivanov said. “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.”
Prior to joining Community Bank System, Karaivanov served as managing director in Lazard’s Financial Institutions Group and has experience as an investment banker for banks, other financial institutions, and fintech companies at a number of leading financial-service firms.
Community Bank System includes Community Bank, N.A., which operates more than 200 branches across New York Pennsylvania, Vermont, and Massachusetts; Community Bank Wealth Management; Benefits Plans Administrative Services, Inc., an employee-benefits administration, trust services, collective-investment-fund administration, and actuarial consulting services company; and OneGroup NY, Inc., an insurance agency.
