First Interstate CEO Kevin Riley leaves

  • After almost nine years in the position
  • Praise and thanks for Riley
  • Search for a successor
  • Riley said 92 words

(exechange) — Billings, Montana, June 14, 2024 — Kevin Riley, chief executive of First Interstate, leaves his position. As announced by First Interstate BancSystem Inc. in a news release and in a regulatory filing published on Friday, June 14, 2024, Kevin P. Riley leaves his post as chief executive officer at the financial and bank holding company, after almost nine years in the role, effective when a successor is appointed.

First Interstate will undertake a search for a successor.

“Power the next wave of our success”

First Interstate did not give an explicit reason for Kevin Riley’s planned departure from the CEO post. Stephen B. Bowman, Chair of the Board, First Interstate BancSystem, Inc., stated: “We are initiating our succession plan from a position of strength as we look to the future and conduct a thorough and comprehensive search for a new leader that will power the next wave of our success.”

Precise information regarding Kevin Riley’s future plans was not immediately available.

“Retirement”

First Interstate said: “First Interstate BancSystem, Inc. … announced today the upcoming retirement of President and Chief Executive Officer Kevin P. Riley and has initiated a search for his successor.”

Share price decline since June 2019

The announcement follows a decline in First Interstate BancSystem Inc.’s share price of 30% since June 2019.

In the position of CEO since 2015

Kevin Riley became CEO of the Company in 2015.

Kevin P. Riley has been President and Chief Executive Officer of the Company and First Interstate Bank and a member of the Board of Directors since September 2015.

Prior to his current role, Riley served as an Executive Vice President and the Chief Financial Officer of the Company from 2013 to 2015.

Riley leads First Interstate Bank with expertise drawn from more than 36 years of experience in the banking industry.

In December 2021, he completed his term representing the Federal Reserve Bank, Ninth District, serving as a member of the Federal Advisory Council.

Riley serves as Chair of the First Interstate BancSystem Foundation board of directors. Riley also serves on the Pacific Bankers Management Institute Board of Directors.

Prior to joining the organization, Riley was an Executive Vice President and Chief Financial Officer for Berkshire Hills Bancorp in Massachusetts and he served in various executive-level positions with KeyCorp.

Riley earned a Bachelor of Science degree in business administration from Northeastern University in Boston, Massachusetts.

92 words by Kevin Riley

In the release announcing his departure as CEO of First Interstate BancSystem Inc., Kevin Riley received praise and thanks.

In the release announcing his departure as CEO, Kevin Riley said 92 words.

“We have accomplished so much”

Kevin Riley stated: “I have had the great fortune of spending 38 remarkable years in the banking industry, the most exciting and rewarding of which have been the past nine years serving as President and CEO of First Interstate. I am extremely proud of First Interstate’s significant growth from a $7B community bank located in three states to an over $30B regional community bank covering a 14-state footprint over my tenure. We have accomplished so much as an organization, and I am grateful to have had the opportunity to work alongside so many talented people.”

The above text is an excerpt from the exechange report 25.2024 ($), publication date June 17, 2024.