- After around 17 years in the position
- Accolades, praise and thanks for Tryniski
- Dimitar Karaivanov taking over
- Tryniski said 84 words
(exechange) — Syracuse, New York, July 5, 2023 — This news came shortly after Independence Day. Mark Tryniski, chief executive of Community Bank, leaves his position. As announced by Community Bank System Inc. in a news release and in a regulatory filing published on Wednesday, July 5, 2023, Mark E. Tryniski leaves his post as chief executive officer at the diversified financial services company, after around 17 years in the role, effective December 31, 2023.
It is the end of an era.
Mark Tryniski’s duties as CEO will be taken over by Dimitar A. Karaivanov, currently Chief Operating Officer at Community Bank System Inc.
It is a generational change. Dimitar Karaivanov is about 21 years younger than Mark Tryniski.
No reason given
In the announcement, Community Bank did not explicitly explain the reason for the move.
Precise information regarding Mark Tryniski’s future plans was not immediately available.
Community Bank said: “Mark E. Tryniski will retire as the Company’s President and Chief Executive Officer (“CEO”) effective as of December 31, 2023.”
Share price decline since July 2018
The announcement follows a decline in Community Bank System Inc.’s share price of 19% since July 2018.
In the position of CEO since 2006
Mark Tryniski became CEO of the Company in 2006.
Since August 2006, Tryniski has served as the President, CEO and Director of the Company and its wholly owned banking subsidiary, Community Bank, N.A. (the “Bank”).
Tryniski has agreed, if nominated, to serve as a Director of the Company and the Bank until December 31, 2024.
Mark E. Tryniski has served as the President and Chief Executive Officer (“CEO”) of the Company since 2006, and previously served the Company in the positions of Chief Operating Officer and Chief Financial Officer.
Prior to joining the Company in 2003, Tryniski was a partner of PricewaterhouseCoopers LLP where he gained extensive experience in the financial service industry, manufacturing, and a broad array of business sectors.
Tryniski serves on the Board of Directors of the New York Bankers Association and Pursuit Lenders.
From 2007-2022, he served as a director of CONMED Corporation (NYSE: CNMD), a medical technology public company where he formerly served as the Chairman of the Board of Directors.
84 words by Mark Tryniski
In the news release announcing his departure as CEO of Community Bank System Inc., Mark Tryniski received accolades, praise and thanks.
In announcing his departure, Mark Tryniski said 84 words.
Mark Tryniski stated: “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.”
39% of CEOs are forced out or fired
When CEO departures are announced, exechange determines the Push-out Score on a scale of 0 to 10 to assess how likely it is that the chief executive was pushed out or felt pressure to leave the position, with 0 being most likely a voluntary move and 10 being most likely a forced exit. Anything over a 5 indicates that there are valid reasons to believe an executive may have been pushed out.
Of the 315 CEO departures in the Russell 3000 Index evaluated over the past 12 months (July 5, 2022, to July 4, 2023), the average Push-out Score was 6.1, according to exechange data. References to conduct issues, disagreements and irregularities lead to the highest Push-out Scores. When performance issues, time with family or pursuit of other opportunities were cited as departure reasons, the average Push-out Scores were also significantly elevated.
Around 39% of the CEO departure events from the past 12 months received Push-out Scores of 8 or higher.
In other words, in the past 12 months, three in eight departing CEOs were forced out or fired.
Push-out Score for Mark Tryniski’s move determined
The Push-out Score regarding Mark Tryniski’s move is explained point by point in the exechange report.
exechange reached out to Community Bank and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 28.2023 ($).