Susan R. Holliday Named Chair of the Board of Directors of Financial Institutions, Inc.
Financial Institutions, Inc. (NASDAQ:FISI) announced key leadership appointments, including Susan R. Holliday as Chair of the Board and the election of new directors Mauricio F. Riveros and Mark A. Zupan. Holliday, previously Vice Chair, aims to enhance long-term shareholder value. The Board demonstrated commitment to diversity, with a balanced tenure and gender representation. Several committee leadership roles were also filled, emphasizing the organization’s focus on inclusive governance.
- Susan R. Holliday appointed as Chair of the Board, expected to enhance shareholder value.
- New board members Riveros and Zupan bring diverse professional backgrounds.
- The Board achieved significant gender and ethnic diversity with 50% representation of diverse groups.
- Concerns about continuity following the transition in chair leadership.
- Don Boswell, Dawn Burlew, and Kim VanGelder Appointed to Key Leadership Positions
- New Directors Riveros and Zupan Elected to the Board
WARSAW, N.Y., June 16, 2021 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (NASDAQ:FISI) (the “Company” or “we”), parent company of Five Star Bank (the “Bank”), SDN Insurance Agency, LLC (“SDN”), Courier Capital, LLC (“Courier Capital”) and HNP Capital, LLC (“HNP Capital”), announced today that Susan R. Holliday has been named Chair of the Board of Directors and directors Don Boswell, Dawn Burlew and Kim VanGelder were appointed to lead important Board Committees. In addition, new directors Mauricio F. Riveros and Mark A. Zupan were elected to the Board at today’s annual meeting of shareholders.
Ms. Holliday previously served as Vice Chair of Financial Institutions, Inc. and was the Owner, President and Publisher of the Rochester Business Journal from 1988 to 2016. She is currently the Chief Executive Officer of Dumbwaiter Design, LLC, a Rochester, NY based full-service web design and development firm. Ms. Holliday served as former Chair of the Company’s Management Development & Compensation Committee and most recently was Chair of the Nominating and Governance Committee. Her community involvement is extensive, and she currently serves on the boards of the following nonprofit organizations in Rochester and the Finger Lakes Region: Rochester Institute of Technology (Vice Chair), University of Rochester Medical Center (Past Chair), Greater Rochester Chamber of Commerce (Past Chair), Health Care Trustees of New York State (Vice Chair), Common Ground Health (Vice Chair, Regional Consortium on Health Care) and MCC Foundation.
“I am truly honored to be selected by my peers to serve as Chair of the Board to provide leadership that contributes to long-term shareholder value and positive outcomes for associates, customers and the communities served by the Company,” said Ms. Holliday. “I would also like to extend a warm welcome to new Board members Mauricio and Mark, both of whom bring a unique combination of professional and community perspectives. Finally, many thanks and deep appreciation to former Chair Bob Latella for his commitment to strong corporate governance and independent oversight, a tradition I look forward to continuing as Chair.”
President and CEO Martin K. Birmingham stated, “We thank Susan for accepting this new responsibility. She brings strong integrity, inquisitiveness, a collaborative approach and willingness to challenge to the role of Chair. Our team is looking forward to working more closely with Susan as we continue to execute important initiatives in support of the ongoing strategic development of the Company.
“We also want to thank Bob Latella for his dedicated service as Chair and his continuing service as a Director of the Company. Bob is a man of extraordinary character and intellectual independence. We have benefited from his deep understanding of strategy and people and are a better organization because of him. I thank him for his support and commitment to our success.”
Leadership of the Committees of the Board of Directors was also announced today, reflecting Board diversity.
- As Chair of the Board, Ms. Holliday will serve as Chair of the Executive Committee.
- The Audit Committee will continue to be led by Robert M. Glaser, CPA.
- Andrew W. Dorn Jr. will continue to lead the Management, Development & Compensation Committee.
- Donald K. Boswell was named Chair of the Nominating and Governance Committee.
- Kim E. VanGelder was named Chair of the Risk Oversight Committee.
- Dawn H. Burlew was named Chair of the Technology & Data Committee.
New director Riveros is the Chief Operating Officer of The Pike Companies, LTD and Chief Innovation Officer of The Pike Company. Previously, he served as President of LECESSE Construction Services and Chief Operating Officer of The Pike Companies. Pike and LECESSE are Rochester, NY-based construction firms. Prior to joining the Pike organization, Mr. Riveros served as President of Riveros Contracting, National Director of Canadian Executive Services Organization and Director of Strategic Planning for the Government of Bolivia. He currently serves on the boards of the following nonprofit organizations: Center for Governmental Research, Roberts Wesleyan College, St. Ann’s Community and YMCA of Greater Rochester.
Mr. Zupan is the President of Alfred University, located in Western New York, since 2016. He previously served as Director of the Bradley Policy Center and Olin Professor of Economics and Public Policy and as Dean and Professor of Economics and Public Policy at the Simon Business School at the University of Rochester. Prior academic roles were held at Eller College of Management at the University of Arizona, Amos Tuck School of Business Administration at Dartmouth College, and the Marshall School of Business at the University of Southern California. Mr. Zupan is a former director of public companies Steuben Trust Company, PAETEC Holdings and Constellation Brands, and he previously served on the boards of several nonprofit organizations and private companies. He currently serves on the board of the Allegany County Economic Development Committee.
Dawn H. Burlew and Robert N. Latella were also reelected at today’s shareholder meeting.
The Company’s Board of Directors is committed to diversity and inclusion and through thoughtful succession planning and refreshment, it has achieved the following levels of diversity and tenure:
- Five new directors have been added to the Board over the past five years.
- The Board has continued to strengthen gender and ethnic diversity, with fifty-percent of the Board’s ten independent directors representing diverse groups — three women (each of whom hold key Board leadership positions) and two directors belong to a racial or ethnic minority group (one of whom holds a key Board leadership position)
- Board tenure is balanced with five members between zero and five years; three members between six and ten years; and three members with tenure of more than ten years.
About Financial Institutions, Inc.
Financial Institutions, Inc. provides diversified financial services through its subsidiaries Five Star Bank, SDN, Courier Capital and HNP Capital. Five Star Bank provides a wide range of consumer and commercial banking and lending services to individuals, municipalities and businesses through a network of more than 45 offices throughout Western and Central New York State. SDN provides a broad range of insurance services to personal and business clients. Courier Capital and HNP Capital provide customized investment management, investment consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. Financial Institutions, Inc. and its subsidiaries employ approximately 600 individuals. The Company’s stock is listed on the Nasdaq Global Select Market under the symbol FISI. Additional information is available at www.fiiwarsaw.com.
For additional information contact:
Shelly J. Doran
(585) 627-1362 or sjdoran@five-starbank.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3f2cd44a-c41a-4b71-a147-fb6efe44c2d5
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