First Interstate BancSystem Inc.
08/21/2026 | Press release | Distributed by Public on 08/21/2026 07:20
Management Change/Compensation (Form 8-K)
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Chief Operations Officer
On August 21, 2026, the registrant announced the appointment of Mr. Jeff Lee to become Executive Vice President and Chief Operations Officer of the registrant and its wholly owned subsidiary, First Interstate Bank (the "Bank"), with Mr. Lee's employment starting date expected to begin formally on September 14, 2026 (the "Effective Date"). Mr. Lee, who is 57 years old, has more than 20 years of banking leadership experience in operations, technology, digital banking, information security, marketing and business transformation. From May 2013 until January 2024, Mr. Lee served in several officer roles within Seacoast Banking Corporation of Florida, a financial holding company listed on the Nasdaq Global Select Market (NASDAQ: SBCF), beginning as Chief Marketing Officer until his transition to Chief Digital Officer in May 2019 and subsequent transition to Chief Operations and Technology Officer in March 2021. Since leaving Seacoast Banking Corporation of Florida, from March 2025 to November 2025, Mr. Lee served as an independent strategic consultant to a publicly traded banking institution. Before joining Seacoast Banking Corporation of Florida, Mr. Lee held senior marketing and digital leadership positions with American Express International, Bonnier Corporation, and BGT Partners. Mr. Lee holds a Bachelor of Business Administration degree from the University of Memphis and a Master of Business Administration degree from the University of Florida - Warrington College of Business.
In connection with his appointment, the registrant and the Bank are expected to enter into a formal Employment Agreement with Mr. Lee (the "Employment Agreement") that is expected to be effective as of the Effective Date and be on terms substantially similar to the terms of the registrant's other executive officers who report to the registrant's Chief Executive Officer, except as otherwise described herein with respect to the financial terms approved by the Compensation Committee of the registrant's Board of Directors for Mr. Lee's employment. Under the Employment Agreement, Mr. Lee's initial annual base salary has been set at $480,000, and he will be expected to be entitled to equitable participation in incentive compensation, bonuses and long-term incentive opportunities in any plan or arrangement in which he is eligible to participate. In addition, in connection with his appointment, the registrant expects to grant to Mr. Lee a long-term incentive award in the form of time-based restricted stock units with an aggregate grant date value of $200,000. The restricted stock units are expected to vest in three equal annual installments beginning on September 14, 2027, subject to Mr. Lee's continued employment through each applicable vesting date. The Employment Agreement is expected to have an initial term of one year and contain a provision for automatic renewal for successive one-year terms unless terminated or notice of non-renewal is provided at least 90 days prior to the end of the applicable term. The registrant expects to finalize the terms of the Employment Agreement with Mr. Lee by the Effective Date and to file the agreement with the registrant's periodic report covering the period during which the Employment Agreement is executed by all parties. Investors and other interested parties are encouraged to read the full text of the Employment Agreement when it becomes available because it will contain important terms not included in the summary above.
Mr. Lee was not appointed pursuant to any arrangement or understanding with any person, and Mr. Lee does not have any family relationships with any directors or executive officers of the registrant. Neither Mr. Lee nor any of his immediate family has been a party to any transactions with the registrant during the registrant's last two fiscal years, nor is any such transaction currently proposed, that would be reportable as a related party transaction under Item 404(a) of Regulation S-K.
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