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- Related Party (new) — The company is repurchasing 300,000 shares from its retiring CEO in a private transaction, a related party deal requiring board approval with the CEO recused.
South Plains Financial CEO Curtis Griffith to retire Dec 31; President Cory Newsom named successor
Filed June 17, 2026 · Period ending June 17, 2026 · ~1 min read
Key Changes
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Curtis Griffith retiring as CEO effective December 31, 2026, after four decades with the company; will remain Chairman of the Board and transition to advisory role with monthly consulting fee of $11,458.34
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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President Cory Newsom appointed to succeed Griffith as CEO effective December 31, 2026; Newsom has been leading day-to-day operations and was designated principal executive officer in November 2024
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Company to repurchase 300,000 shares from Griffith by June 30, 2026, at closing market price on day before repurchase; transaction separate from existing buyback program and approved by board with Griffith recused
Item 8.01 — Other Events verify on EDGAR → -
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Griffith's retirement structured as termination without cause, entitling him to two times base salary, two times annual target bonus, full accelerated vesting of equity awards at target levels, and 24 months COBRA coverage
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Company and Henry TAW LP mutually terminated 2019 board representation agreement; shareholder's ownership declined from ~16% to under 10% as shareholder base expanded; designated director Richard Campbell continues serving including as Lead Independent Director
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR →
Summary
South Plains Financial announced a planned CEO succession with Curtis Griffith retiring December 31, 2026, after more than 40 years with the company. President Cory Newsom, who has been leading day-to-day operations since being designated principal executive officer in November 2024, will succeed Griffith as CEO. Griffith will remain Chairman of the Board and transition to a consulting role.
The retirement package includes substantial severance: two times base salary and annual target bonus, full accelerated vesting of equity awards at target levels, 24 months of COBRA coverage, and a monthly consulting fee of $11,458.34. The company will also repurchase 300,000 shares from Griffith by June 30, 2026, at market price in a private transaction separate from its existing buyback program.
This related-party repurchase required board approval with Griffith recused, though the company states the terms are comparable to an arm's length transaction. Separately, the company and Henry TAW LP mutually terminated a 2019 board representation agreement as the shareholder's stake declined from approximately 16% to under 10%. The designated director continues serving. The succession appears orderly with Newsom already in operational leadership, though the severance and share repurchase represent meaningful near-term cash outlays tied to the transition.
Section-by-Section Diff
Event · Item 1.02 — Termination of a Material Definitive Agreement
South Plains Financial terminates a material agreement and announces a management transition, details not disclosed in this excerpt.
Added in current filing · verify on EDGAR →
The Board of Directors (the “Board”) of South Plains Financial, Inc. (the “Company”) routinely assesses the Company’s corporate governance function on an ongoing basis, including composition and succession strategy for the Board and management, as well as the rights of its principal shareholders.
The company terminated a material definitive agreement as part of an ongoing assessment of corporate governance, board composition, succession strategy, and principal shareholder rights. The specific agreement terminated and its terms are not disclosed in this excerpt.
Added in current filing · verify on EDGAR →
the Company is announcing a transition within its management team
The company announces a management team transition in connection with its governance assessment. The specific roles, individuals, and timing of this transition are not disclosed in this excerpt.
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
CEO Curtis Griffith retiring Dec 31, 2026; President Cory Newsom appointed successor; board representation agreement terminated.
Added in current filing · verify on EDGAR →
On June 17, 2026, Mr. Curtis C. Griffith, Chairman of the Board and Chief Executive Officer of South Plains Financial, Inc. (the “Company”), notified the board of directors of the Company of his decision to retire as Chief Executive Officer of the Company and transition to an advisory role. On June 17, 2026, the board of directors of the Company voted to accept the voluntary resignation of Mr. Griffith. Mr. Griffith’s retirement as Chief Executive Officer will be effective as of December 31, 2026. Mr. Griffith will remain a director of the Company and its wholly-owned subsidiary, City Bank (the “Bank”), and will continue to serve as Chairman of the Board.
Curtis Griffith is retiring as CEO effective December 31, 2026, after notifying the board of his decision. He will remain on the board as Chairman and transition to an advisory role. The board appointed Cory Newsom, the current President who was designated principal executive officer in November 2024, to succeed Griffith as CEO effective upon Griffith's retirement.
Added in current filing · verify on EDGAR →
Under the terms of the Retirement and Consulting Agreement, each of Mr. Griffith, the Company and the Bank have agreed to treat Mr. Griffith’s termination of employment as a termination without “cause” as defined under his Executive Employment Agreement, dated December 19, 2019 and as amended on November 5, 2024 (the “Griffith Employment Agreement”), pursuant to which Mr. Griffith will be entitled to receive the following Non-Protection Period Severance Benefits (as defined in the Griffith Employment Agreement): (A) unpaid base salary through December 31, 2026, (B) accrued but unused vacation pay, sick leave and paid time off, (C) two times his base salary, (D) two times his annual target bonus, (E) full accelerated vesting of outstanding equity awards, with any performance-based awards deemed satisfied at target levels, and (F) a lump sum payment equal to twenty-four months of premiums associated with COBRA coverage for Mr. Griffith and his family.
Griffith's retirement is structured as a termination without cause under his employment agreement, entitling him to severance including two times base salary, two times annual target bonus, full accelerated vesting of equity awards at target levels, and 24 months of COBRA premium coverage. He will also receive a monthly consultancy fee of $11,458.34 during his consultancy period and a $125,000 restricted stock unit grant on January 1, 2027.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank” or the “Bank”), today announced the upcoming retirement of Curtis Griffith, Chairman and Chief Executive Officer, to be effective December 31, 2026. Mr. Griffith will remain a director of the Company and its wholly owned subsidiary, City Bank, and will continue to serve as Chairman of the Board. South Plains’ board of directors has appointed Cory Newsom, director and President, as the Company’s Chief Executive Officer, effective upon Mr. Griffith’s retirement on December 31, 2026.
Curtis Griffith will retire as CEO on December 31, 2026, after more than four decades with the company, but will remain Chairman of the Board and a director. Cory Newsom, currently President and a director, has been appointed to succeed Griffith as CEO effective the same date. The company describes this as a planned transition, with Newsom already leading day-to-day operations and the growth strategy.
Added in current filing · verify on EDGAR →
To facilitate a smooth transition of the day-to-day leadership of the Company, the Company and the Bank have also entered into a Retirement and Consultancy Agreement with Mr. Griffith, pursuant to which Mr. Griffith will serve as a consultant to the Company beginning upon his retirement on December 31, 2026.
The company has entered into a Retirement and Consultancy Agreement with Curtis Griffith under which he will serve as a consultant starting December 31, 2026. This arrangement is designed to facilitate a smooth leadership transition.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 13, 2026 · How we verify