First Interstate Bancsystem (FIBK) just unveiled an update.
First Interstate BancSystem, Inc. has announced the impending retirement of CEO Kevin P. Riley and is actively searching for a successor. Riley will remain CEO until a new leader is appointed or another date set by the board, no earlier than January 1, 2025. Under a Transition and Separation Agreement, he’ll keep his current salary and benefits but won’t receive new long-term incentives. Post-separation, Riley is set to receive a substantial payout, extended health coverage, and may continue earning bonuses. Additionally, he’ll provide consulting services for a year and resign from all director positions at the company effective on his separation date.
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