Community Financial System Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(d) On September 25, 2024, Community Financial System, Inc.’s (the “Company”) Board of Directors (the “Board”) elected Savneet Singh as a new independent director, effective as of October 1, 2024. Mr. Singh is the Chief Executive Officer (“CEO”) and President of PAR Technology Corporation (NYSE:PAR) and President of ParTech, Inc. (“ParTech”). Headquartered in Upstate New York, PAR is a global technology company providing leading omnichannel cloud-based software and hardware solutions to the restaurant and retail industries.
Mr. Singh joined PAR’s Board of Directors in April 2018, was appointed PAR’s Interim CEO and President and Interim President of ParTech in December 2018, and since March 2019, has served as the CEO and President of PAR and President of ParTech.
The Board has determined that Mr. Singh is an independent director under the standards established by the New York Stock Exchange and the Board. Mr. Singh’s appointment expands the Company’s Board to 13 Directors, 12 of whom are independent. Mr. Singh was also appointed to the Board of Directors of Community Bank, N.A. (the “Bank”), the Company’s wholly-owned banking subsidiary. Mr. Singh will serve on the Bank’s and the Company’s joint Risk Committee and as one of the Board’s representatives to the Company’s Technology Committee.
There is no arrangement or understanding between Mr. Singh and any other persons pursuant to which Mr. Singh was selected as a director. Furthermore, Mr. Singh does not have any related party transactions with the Company that would require disclosure under Item 404(a) of Regulation S-K. He will receive compensation for Board service consistent with compensation received by the Company's other non-employee directors (as described in the Company's Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission).
A copy of the press release announcing Mr. Singh’s appointment is attached hereto as Exhibit 99.1 and is incorporated by reference into this Current Report on Form 8-K.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
| 99.1 | Press Release, dated September 26, 2024, issued by Community Financial System, Inc. |
| 104 | Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Community Financial System, Inc. | ||
| By: | /s/ Michael N. Abdo | |
| Name: | Michael N. Abdo | |
| Title: | Executive Vice President and General Counsel | |
Dated: September 26, 2024
Exhibit Index
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Exhibit Number |
Description |
| Press Release, dated September 26, 2024, issued by Community Financial System, Inc. | |
| 104 | Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) |