First Interstate BancSystem CEO retirement surprising, Stephens says

First Interstate BancSystem

14/06/2024 16:22

** Shares of regional bank First Interstate Bancsystem
 FIBK.O  fall as much as 3.5%, last down 3.2% at $25.16
    ** The bank on Friday announced the upcoming retirement of
its CEO Kevin Riley 
    ** Riley, who has been the CEO since 2015, will continue to
serve in his role until the $30 bln bank appoints a successor
    ** Stephens says it found the news surprising and believes
most investors likely had a similar reaction
    ** Adds that it is pleased to see the departure is not
immediate, but the duration of the executive search will remain
a focal point in the story over the near term
    ** Brokerage says it won't be surprised to see buyout
speculation increase

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))