South Plains Financial (SPFI) CEO Curtis Griffith to Retire Dec. 31

This summary was generated by AI from the company's SEC filing and may contain errors — always verify against the primary source on SEC.gov.

The short version

South Plains Financial announced that Curtis Griffith will retire as CEO effective December 31, 2026, and will remain as chairman of the board. Cory Newsom, currently president and a director, has been appointed to succeed Griffith as CEO. The company will also repurchase 300,000 shares from Griffith at the prior day's market price on or before June 30, 2026, and has signed a consulting agreement with Griffith to aid the transition.

South Plains Financial, Inc. (SPFI) announced that Curtis Griffith will retire as chief executive officer effective December 31, 2026, after more than four decades with the company. Griffith will continue to serve as chairman of the board and as a director of both South Plains and its subsidiary, City Bank.

New CEO

Cory Newsom, the company's president and a director, has been appointed to take over as CEO on December 31, 2026. According to the company's press release, Newsom has been leading day-to-day operations and driving the company's growth strategy, including the recent acquisition and integration of Bank of Houston.

Consultant Role and Stock Buyback

To help with the transition, Griffith has signed a Retirement and Consultancy Agreement with the company. Under that agreement, he will serve as a consultant starting January 1, 2027. The consulting role includes a monthly fee of $11,458.34, plus an annual grant of restricted stock units worth $125,000. The consultancy period can be ended by either party with 30 days' written notice, but will run no longer than two years unless both sides agree otherwise.

As chairman of the board, Griffith will receive an annual fee of $50,000, plus a $20,000 annual director fee for the company board and $42,500 for serving on City Bank's board, along with equity awards available to non-employee directors.

The company will also repurchase 300,000 shares of its common stock from Griffith on or before June 30, 2026, at the closing market price on the day before the repurchase. The board approved this transaction with Griffith recused from the vote.

Transition Planning

Both executives emphasized that the leadership change reflects years of deliberate planning. Griffith said he is confident the transition will be smooth and that the company will continue to pursue its growth strategy. Newsom said he is honored to take the role and committed to maintaining the company's culture and relationship-focused approach while continuing to pursue disciplined growth.

Key facts

Curtis Griffith retiring as CEO effective December 31, 2026

Cory Newsom appointed as CEO effective December 31, 2026; currently president and director

Griffith to remain as chairman of the board and director of South Plains and City Bank

Retirement and Consultancy Agreement signed; consultancy runs January 1, 2027 through up to December 31, 2028

Monthly consultancy fee: $11,458.34

Annual restricted stock unit grant: $125,000 (vesting one year from grant date)

Chairman annual fee: $50,000; Company Board director fee: $20,000; City Bank Board fee: $42,500

Company to repurchase 300,000 shares from Griffith on or before June 30, 2026 at prior day's closing price

Griffith has been with South Plains for over 40 years

Griffith will transfer two company-owned vehicles to him as part of separation

Why it matters

This is a planned and deliberate executive succession at a mid-sized regional bank. Griffith's departure after 40+ years removes one of the company's founding voices, but the transition appears orderly: Newsom has been in president and operational roles, recently led the Bank of Houston acquisition, and has Griffith's public endorsement. The consulting agreement and extended board role signal continuity rather than a clean break. For shareholders, the key risk is execution—whether Newsom can maintain the relationship-focused culture and continue the organic and M&A growth strategy that has characterized the company's recent performance. The 300,000-share repurchase at market price is straightforward and was board-approved.

Frequently asked

When is Curtis Griffith retiring as CEO?

Griffith's employment as CEO will end on December 31, 2026. He will remain as chairman of the board and a director.

Who is replacing Griffith as CEO?

Cory Newsom, currently president and a director, will become CEO effective December 31, 2026.

What is Griffith's role after retirement?

Griffith will remain as chairman of the board and will serve as a consultant under a Retirement and Consultancy Agreement starting January 1, 2027. As a consultant, he will receive $11,458.34 per month plus an annual $125,000 restricted stock unit grant. The consultancy can be terminated by either party with 30 days' notice but will run no longer than two years unless both sides agree otherwise.

Is the company buying back any of Griffith's shares?

Yes. The company will repurchase 300,000 shares from Griffith on or before June 30, 2026, at the closing market price on the day before the repurchase.

What the filing reported

1.02 Termination of a Material Agreement

5.02 Departure/Election of Directors or Officers

8.01 Other Events

9.01 Financial Statements & Exhibits