Columbia Banking System, Inc. filed a current report on October 27, 2026, disclosing a transition letter with Torran Nixon covering his planned departure from the Bank Co-President role and his move to a senior advisor position through the end of 2027.

Key Highlights

  • Transition Date: Torran Nixon's role as Co-President of Columbia Bank and Senior Executive Vice President of the Company is set to end on July 1, 2027, or such other mutually agreed date.
  • Advisor Period: Following the Transition Date, Mr. Nixon will serve as a senior advisor through December 31, 2027, which the filing designates as the "Retirement Date."
  • 2027 Equity Grant: While serving as Bank Co-President, Mr. Nixon will be eligible to receive a 2027 equity grant with a target grant date fair value no less than his 2026 grant.
  • Advisor Compensation: During the advisor period, Mr. Nixon will receive salary based on his annual rate as of the Transition Date and will continue to vest in outstanding equity awards in accordance with their terms.
  • Incentive Plan Eligibility: Mr. Nixon will be eligible for a payout, if any, under the Company's annual incentive plan for his service as Bank Co-President during 2027, prorated to reflect service through the Transition Date and determined based on actual performance.
  • Health and Welfare Benefits: Mr. Nixon will remain eligible to participate in the Company's health and welfare benefits throughout the advisor period.

Columbia Banking System Details Nixon's Planned Role Change and Transition Terms

According to the filing, Columbia Banking System, Inc. and its subsidiary Columbia Bank entered into the Transition Letter with Torran Nixon on October 27, 2026. The arrangement governs his planned move away from his current dual-role title of Co-President of the Bank and Senior Executive Vice President of the Company, with the transition targeted for July 1, 2027, unless the parties mutually agree on a different date.

The filing discloses that during the period Mr. Nixon continues in his Bank Co-President capacity, he will be eligible for a 2027 equity grant with a target grant date fair value "no less than his 2026 grant," according to the Transition Letter's terms as described in the 8-K. The annual incentive plan payout, if any, will be calculated on actual performance results and prorated to reflect only the portion of 2027 during which he served in that role.

Once the Transition Date is reached, Mr. Nixon moves into the senior advisor role. The filing states that in this capacity he will continue receiving salary at the same annual rate in effect as of the Transition Date, will continue to vest in outstanding equity awards per their existing terms, and will remain eligible for the Company's health and welfare benefits through December 31, 2027. The filing notes that the description of the Transition Letter "does not purport to be complete" and is qualified by the full text attached as Exhibit 10.1. The report was signed by Kumi Yamamoto Baruffi, EVP, General Counsel and Corporate Secretary. Columbia Banking System trades on NASDAQ:COLB.

What Was Disclosed

Columbia Banking System disclosed a transition agreement with Bank Co-President Torran Nixon providing for his exit from that role by July 1, 2027, followed by a senior advisor arrangement through December 31, 2027, along with the associated compensation terms for both periods.