Business Context and Reporting Period
This Form 8-K Current Report is filed by Zions Bancorporation, National Association on December 22, 2025. The report discloses a significant executive leadership change within the company's Zions Bank division.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. This report focuses exclusively on personnel changes and associated compensatory arrangements.
Material Changes
The primary material change is the departure of Paul E. Burdiss, who will retire as Executive Vice President of Zions Bancorporation and President and Chief Executive Officer of Zions Bank effective December 31, 2025.
Management Commentary, Risks, and Unusual Items
Retirement and Consulting Agreement:
- Effective Date: The agreement is effective December 20, 2025.
- Consulting Period: Mr. Burdiss will provide transition and advisory services from January 1, 2026, through December 31, 2026.
- Compensation: He will receive four quarterly payments of $337,582.50 each during the consulting period.
- Benefits: Up to 12 months of medical benefits continuation with Company-paid COBRA premiums, subject to eligibility.
- Equity: Outstanding equity and cash incentive awards will continue to vest and distribute according to their existing terms.
- Covenants: The agreement includes non-compete, non-solicit, and confidentiality provisions, along with a mutual release of claims.
Investor Verification Checklist
- Verify the appointment of a successor to Mr. Burdiss as President and CEO of Zions Bank.
- Review the full text of the Retirement and Consulting Agreement (to be filed as an exhibit to the 2025 Form 10-K) for specific termination clauses.
- Confirm the impact of this leadership transition on the company's strategic initiatives for the upcoming fiscal year.