South Plains Financial announced that Chairman and CEO Curtis Griffith will retire on December 31, 2026, and President Cory Newsom will become the new CEO. Griffith will remain Chairman of the Board and a director of the company and its City Bank subsidiary. The company also plans to repurchase 300,000 shares of common stock from Griffith in a private transaction at the closing market price on the day before the repurchase, with the agreement approved by the board with Griffith recused. A retirement and consultancy agreement will have Griffith serve as a consultant after his retirement to ensure a smooth transition.
South Plains Financial IncCEO retirement and succession plan announced, along with a share repurchase from the retiring CEO; impact on stock is mixed as leadership change may be viewed neutrally or positively depending on market perception.