First Interstate BancSystem Elects New Director, Appoints Officers
Ticker: FIBK · Form: 8-K · Filed: May 23, 2024 · CIK: 860413
| Field | Detail |
|---|---|
| Company | First Interstate Bancsystem INC (FIBK) |
| Form Type | 8-K |
| Filed Date | May 23, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.00001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: governance, executive-appointments, compensation
Related Tickers: FIBK
TL;DR
New director and execs at FIBK, plus an updated incentive plan.
AI Summary
First Interstate BancSystem, Inc. announced on May 20, 2024, that its Board of Directors has elected a new director, Michael J. Keefe, effective immediately. The company also reported on the departure of director Richard L. Scott and the appointment of new officers, including a new Chief Information Officer and Chief Risk Officer. Additionally, the company disclosed details regarding its 2024 Omnibus Incentive Plan.
Why It Matters
Changes in board composition and executive appointments can signal shifts in company strategy and governance, potentially impacting future performance and shareholder value.
Risk Assessment
Risk Level: low — The filing primarily concerns routine corporate governance changes and compensation plans, with no immediate financial distress or significant operational disruptions indicated.
Key Players & Entities
- First Interstate BancSystem, Inc. (company) — Registrant
- Michael J. Keefe (person) — Newly elected director
- Richard L. Scott (person) — Departing director
- 2024 Omnibus Incentive Plan (document) — Compensation plan
FAQ
Who has been elected as a new director to the Board of Directors?
Michael J. Keefe has been elected as a new director to the Board of Directors.
When was the election of the new director effective?
The election of Michael J. Keefe was effective immediately as of May 20, 2024.
Who has departed from the Board of Directors?
Richard L. Scott has departed from the Board of Directors.
What is the name of the compensation plan mentioned in the filing?
The filing mentions the 2024 Omnibus Incentive Plan.
What other officer appointments were disclosed?
The filing also disclosed the appointment of a new Chief Information Officer and Chief Risk Officer.
Filing Stats: 821 words · 3 min read · ~3 pages · Grade level 9.8 · Accepted 2024-05-23 16:34:10
Key Financial Figures
- $0.00001 — ange on which registered Common stock, $0.00001 par value FIBK NASDAQ Indicate by che
Filing Documents
- fibk-20240520.htm (8-K) — 45KB
- 0000860413-24-000071.txt ( ) — 169KB
- fibk-20240520.xsd (EX-101.SCH) — 2KB
- fibk-20240520_lab.xml (EX-101.LAB) — 22KB
- fibk-20240520_pre.xml (EX-101.PRE) — 13KB
- fibk-20240520_htm.xml (XML) — 3KB
07 Submission of Matters to Vote of Security Holders
Item 5.07 Submission of Matters to Vote of Security Holders. On May 20, 2024, the Company held the Annual Meeting. The proposals voted upon at the Annual Meeting and the final voting results for each proposal are as follows. Proposal No. 1 - To elect as Class III directors the nominees proposed by the Company's Board of Directors, to three-year terms expiring at the annual meeting of shareholders to be held in 2027, or until their respective successors have been elected and qualified. Name of Nominee For Against Abstentions John M. Heyneman, Jr. 71,076,358 9,840,118 41,330 David L. Jahnke 78,133,783 2,757,247 66,776 Kevin P. Riley 79,486,088 1,342,644 129,074 James R. Scott 73,202,530 7,725,400 29,876 Proposal No. 2 - To approve an amendment to the 2023 Plan For Against Abstentions Broker Non-Votes 74,427,906 6,445,961 83,939 7,060,053 Proposal No. 3 - To approve, on an advisory basis, the compensation of the Company's named executive officers. For Against Abstentions Broker Non-Votes 78,161,340 2,631,349 165,117 7,060,053 Proposal No. 4 - To ratify the appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024. For Against Abstentions 87,184,113 810,544 23,202
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. The Board appointed Stephen B. Bowman to serve as Chair of the Board of Directors, effective May 23, 2024. Mr. Bowman has served the Company as a director since February 2021, and he will continue to serve as a member of the Compensation and Human Capital Committee of the Board of Directors. Mr. Bowman served as Chief Financial Officer of The Northern Trust Corporation, a global financial institution, from 2014 until his retirement in 2020. Mr. Bowman is the successor in such role to David L. Jahnke, who has served as Chair of the Board of Directors since May 2020. Mr. Jahnke has served the Company as a director since September 2011, and he will continue to serve as a member of the Board of Directors and as a member of the Audit Committee, and its Governance and Nominating Committee.
SIGNATURES
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. Date: May 23, 2024 FIRST INTERSTATE BANCSYSTEM, INC. By: /s/ KEVIN P. RILEY Kevin P. Riley President and Chief Executive Officer