Savneet Singh Joins Community Financial System Board of Directors
Community Financial System Welcomes Savneet Singh
Community Financial System, Inc. (NYSE: CBU) is excited to announce the appointment of Savneet Singh as an independent director on its Board of Directors. His appointment marks a pivotal moment for the Company as it seeks to strengthen its governance and oversight capabilities.
About Savneet Singh's Background
In addition to being a director at Community Financial System, Mr. Singh serves as the Chief Executive Officer and President of PAR Technology Corporation (NYSE: PAR), a company known for its innovative food service technology solutions. For his role at PAR, he has made significant contributions to the restaurant and retail sectors through advanced omnichannel cloud-based technologies.
Experience and Expertise
Mr. Singh's leadership journey in the technology field began when he joined PAR’s Board in April 2018. By December of the same year, he was appointed Interim CEO and a few months later transitioned to the permanent CEO and President positions. His tenure has seen the company navigate rapid growth in a competitive market.
Moreover, Singh has extensive board experience, previously serving on several public and private company boards, showcasing his versatile leadership. This experience positions him well to contribute positively to Community Financial System, where he will also have a role on the joint Risk Committee of both the Company and its wholly-owned banking subsidiary, Community Bank, N.A.
Expansion of the Board
With Mr. Singh’s addition, the Board expands to 13 directors, now retaining a strong focus on independent leadership. Community Financial System's Chair, Eric E. Stickels, expressed enthusiasm about Mr. Singh's appointment, noting that his diverse expertise in technology and finance will be invaluable as the Company continues to evolve.
Contributions to the Company
Dimitar Karaivanov, the CEO of Community Financial System, remarked on the synergistic value Mr. Singh brings, especially regarding his experience as a CEO in a fast-moving tech environment. He emphasized the relevance of Singh's expertise in transformation and growth, aligning with the Company's commitment to prioritize exceptional returns while managing risks effectively.
Educational Background and Recognition
Mr. Singh holds a Bachelor of Science degree in Applied Economics and Management from Cornell University. His contributions and achievements have not gone unnoticed; he has been featured in Forbes 30 under 30 and Crain’s New York Business 40 under 40 lists, underscoring his influence in the finance and tech industries.
About Community Financial System, Inc.
Community Financial System, Inc. is a diversified financial services provider focused on four primary business areas: banking, employee benefit services, insurance services, and wealth management. Its banking arm, Community Bank, N.A., is among the largest in the nation, with more than $15 billion in assets and approximately 200 branches across various states.
The Company also runs Benefit Plans Administrative Services, Inc., a leader in employee benefits administration and actuarial consulting. Furthermore, OneGroup NY, Inc. is recognized as a top insurance agency in the U.S., providing a range of financial planning services through its Wealth Management division, trading under the symbol CBU on the New York Stock Exchange.
Frequently Asked Questions
1. What role will Savneet Singh hold at Community Financial System?
Savneet Singh will serve as an independent director on the Board of Directors and be involved in both the Company’s and the Bank’s joint Risk Committee.
2. What is the significance of his appointment?
His appointment enhances the Board’s depth of experience and expertise, particularly in technology and finance, aligning with the Company's growth strategy.
3. Where does Savneet Singh currently work?
He is the CEO and President of PAR Technology Corporation, a leader in food service technology solutions.
4. What recognition has Savneet Singh achieved?
He has been included in Forbes 30 under 30 and Crain’s New York Business 40 under 40 lists for his contributions to the industry.
5. What are the primary focus areas of Community Financial System, Inc.?
The Company focuses on banking, employee benefit services, insurance, and wealth management to cater to a diverse clientele.
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