TrustCo Bank Corp NY Appoints New CFO and Directors
Ticker: TRST · Form: 8-K · Filed: 2024-07-16T00:00:00.000Z
Sentiment: neutral
Topics: management-change, board-election, cfo-appointment
TL;DR
TrustCo Bank Corp NY just swapped CFOs and added two new board members.
AI Summary
On July 16, 2024, TrustCo Bank Corp NY announced changes in its executive and director roles. The company elected two new directors, Michael J. Osadciw and Robert J. Ryan, to its Board of Directors, effective immediately. Additionally, the company appointed Michael J. Osadciw as Chief Financial Officer and Treasurer, succeeding Michael J. Ozimek, who will transition to a new role as Executive Vice President of Finance.
Why It Matters
This filing indicates a significant leadership transition within TrustCo Bank Corp NY, with new financial leadership and board members potentially influencing the company's strategic direction and financial management.
Risk Assessment
Risk Level: medium — Leadership changes, especially at the CFO level, can introduce uncertainty and signal shifts in strategy, impacting investor confidence.
Key Players & Entities
- TrustCo Bank Corp NY (company) — Registrant
- Michael J. Osadciw (person) — Newly elected Director and CFO
- Robert J. Ryan (person) — Newly elected Director
- Michael J. Ozimek (person) — Outgoing CFO, transitioning to EVP of Finance
- July 16, 2024 (date) — Effective date of changes
FAQ
Who are the new directors appointed to TrustCo Bank Corp NY's Board?
Michael J. Osadciw and Robert J. Ryan were elected as new directors to the Board of Directors.
What is Michael J. Osadciw's new role besides being a director?
Michael J. Osadciw has been appointed as the Chief Financial Officer and Treasurer of TrustCo Bank Corp NY.
Who is Michael J. Osadciw replacing as CFO?
Michael J. Osadciw is succeeding Michael J. Ozimek as the Chief Financial Officer and Treasurer.
What will be Michael J. Ozimek's new role?
Michael J. Ozimek will transition to the role of Executive Vice President of Finance.
When were these changes effective?
The changes, including the election of new directors and the appointment of the new CFO, were effective as of July 16, 2024.
Filing Stats: 635 words · 3 min read · ~2 pages · Grade level 11.6 · Accepted 2024-07-16 15:07:01
Key Financial Figures
- $1.00 — ange on which registered Common Stock, $1.00 par value TRST Nasdaq Global Select
Filing Documents
- ef20032497_8k.htm (8-K) — 27KB
- 0001140361-24-033277.txt ( ) — 158KB
- trst-20240716.xsd (EX-101.SCH) — 4KB
- trst-20240716_lab.xml (EX-101.LAB) — 21KB
- trst-20240716_pre.xml (EX-101.PRE) — 16KB
- ef20032497_8k_htm.xml (XML) — 4KB
02
Item 5.02 . Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On July 16, 2024, TrustCo Bank Corp NY (the "Company" or "TrustCo") announced the appointment of Robert M. Leonard as the Chief Operating Officer of the Company and the Company's principal subsidiary, Trustco Bank, effective July 16, 2024. Mr. Leonard, age 61, has served as Executive Vice President Corporate Services and Risk for the Company and Trustco Bank since 2013. Prior to that time, he has held various roles at the Company and Trustco Bank since joining the Company in 1986, including Senior Vice President of TrustCo and Trustco Bank from 2010 to 2013, Secretary of TrustCo and Trustco Bank from 2003 to 2006 and 2009 to 2016, and Assistant Secretary of TrustCo and Trustco Bank from 2006 to 2009. Mr. Leonard has served as an executive officer of TrustCo and Trustco Bank since 2003. There are no arrangements or understandings between Mr. Leonard and any other persons pursuant to which he was appointed as Chief Operating Officer of the Company and Trustco Bank. There is no family relationship existing between Mr. Leonard and any executive officer or director of the Company, and there are no related party transactions between the Company and Mr. Leonard that would require disclosure under Item 404(a) of Regulation SK under the Securities Exchange Act of 1934, as amended. There have been no material changes to Mr. Leonard's compensation arrangements with the Company, which are described in the Company's definitive proxy statement filed with the Securities and Exchange Commission on April 1, 2024 (under the heading "Executive Compensation"), in connection with this appointment. -2-
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 thereunto duly authorized. Dated: July 16, 2024 TRUSTCO BANK CORP NY (Registrant) By: /s/ Michael M. Ozimek Michael M. Ozimek Executive Vice President and Chief Financial Officer