Community Bank System in Syracuse, New York, said it has tapped an insider to lead the company after its longtime chief executive retires at year-end.
Mark Tryniski — who started with Community Bank System as chief financial officer in 2003 and has led it since 2006 — plans to retire as president and CEO on Dec. 31, the $15.3 billion-asset bank said in a press release Wednesday. Tryniski intends to remain a director until the end of 2024.
Dimitar Karaivanov, the current chief operating officer, will succeed him on Jan. 1.
Karaivanov joined Community Bank System in June 2021 as executive vice president of financial services and corporate development — responsible for three of the company's four business lines: benefits administration, insurance services and wealth management. He was promoted to COO last October, adding responsibility for the company's banking unit, Community Bank.
Earlier in his career, Karaivanov was a managing director in Lazard's financial institutions group, where he was an investment banker for banks and other financial institutions.
During Tryniski's tenure, Community Bank System's assets more than tripled. The company closed a string of bank and nonbank acquisitions over the past several years, including an
"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," Tryniski said in the release. "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."
