ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ 8-K

What Happened
Zions Bancorporation, N.A. (ZION) filed an 8-K on December 22, 2025 announcing that Paul E. Burdiss will retire as Executive Vice President of Zions Bancorporation and as President and Chief Executive Officer of its Zions Bank division effective December 31, 2025. The company and Mr. Burdiss executed a Retirement and Consulting Agreement effective December 20, 2025 to govern transition and advisory services during 2026.

Key Details

• Retirement effective: December 31, 2025.
• Consulting Agreement effective: December 20, 2025; Consulting Period: January 1, 2026 – December 31, 2026 (unless earlier terminated).
• Cash consideration: four quarterly payments of $337,582.50 each during the Consulting Period (total $1,350,330).
• Benefits: up to 12 months of company-paid COBRA medical continuation if eligible.
• Other provisions: standard non-compete and non-solicit during the Consulting Period, confidentiality covenants, and a customary mutual release of claims. Outstanding equity and cash incentive awards will continue to distribute under their original terms.

Why It Matters
This is a material executive leadership change for Zions Bank: the filing confirms the departure of the division’s long‑time CEO and the company’s plan for a one-year advisory/transition arrangement to provide continuity. The consulting payments, benefit continuation, and restrictive covenants are intended to support an orderly transition while preserving the company’s equity award treatment. The 8-K does not name a successor; investors should watch subsequent disclosures for the appointment of a new bank president/CEO and any commentary on strategic or operational impacts.