Community Bank System Inc. announced recently that Mark E. Tryniski will retire as the company’s president and chief executive officer effective Dec. 31.

Community Bank has branches in Lehighton, Lansford, Hazleton, Conyngham and Freeland.

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. He has agreed, if nominated, to serve as a director of the company and bank until Dec. 31, 2024.

The Board of Directors has selected Dimitar A. Karaivanov, the current executive vice president and chief operating officer, to succeed Tryniski as of Jan. 1, 2024. In addition, the board will expand to 13 directors and appoint Karaivanov as a director of the company and bank on Jan. 1, 2024.

Karaivanov joined the company in June 2021 as its executive vice president of Financial Services and Corporate Development. 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, he was appointed COO, adding responsibility for the company’s banking business - Community Bank, N.A.

Before joining the company, Karaivanov served as managing director in Lazard’s Financial Institutions Group and has extensive experience as an investment banker for banks, other financial institutions, and fintech companies at a number of financial services firms.

Karaivanov holds a master’s in business administration from Ohio State University Max M. Fisher College of Business. He is also a graduate of the American Bankers Association’s Stonier Graduate School of Banking.