First Citizens BancShares, Inc. Announces Chief Risk Officer Transition, Names Successor
Rhea-AI Summary
First Citizens BancShares (NASDAQ: FCNCA) announced that Lorie K. Rupp will retire as Executive Vice President and Chief Risk Officer effective June 1, 2026, after 13 years at the bank and more than 30 years in financial services. The company named Tom Eklund, current Treasurer and a 20-year First Citizens veteran, as successor, with responsibility for overseeing financial, credit, enterprise, operational and compliance risk.
The transition is intended to be orderly, providing time for knowledge transfer and continuity in the bank's risk governance and regulatory compliance programs.
Positive
- Internal succession: successor is a 20-year First Citizens veteran
- Continuity: transition effective June 1, 2026, for orderly handover
- Experience: successor has capital, liquidity and compliance expertise
- Established framework: outgoing CRO served since March 2017 strengthening risk management
Negative
- Departure of CRO with 13 years at the bank and 30+ years industry experience
News Market Reaction
On the day this news was published, FCNCA declined 0.05%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
FCNCA is up about 0.1% with slightly elevated volume, while key regional bank peers like HBAN, RF, CFG, MTB, and SHG each show intraday gains between about 0.6% and 1.43%. With no peers in the momentum scanner and this news being company-specific management succession, the move appears more stock-specific than part of a strong sector rotation.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 08 | Sector insights report | Neutral | +0.5% | Healthcare investments and exits report from Silicon Valley Bank division. |
| Dec 30 | Earnings call timing | Neutral | -0.7% | Announcement of Q4 2025 earnings release and conference call date. |
| Dec 17 | Client financing deal | Positive | +0.9% | Pivot Energy secured $225M financing package including facilities with First Citizens. |
| Dec 16 | Energy revolver facility | Positive | +0.8% | Soltage closed $80M revolver led by First Citizens Bank to fund solar projects. |
| Dec 04 | Consumer survey | Positive | +1.1% | CIT Bank survey on 2026 resolutions and average planned spending of $4,700. |
Recent company-related news (financings and brand surveys) tended to coincide with modestly positive price reactions, suggesting the stock has recently leaned toward aligning with broadly constructive headlines.
Over the past few months, First Citizens BancShares has featured in diverse news. A division released a healthcare investments report citing $46.8B in 2025 activity. The company scheduled its Q4 2025 earnings call for January 23, 2026. Financing-related news included Pivot Energy’s $225M package with First Citizens involvement and Soltage’s $80M revolver led by First Citizens Bank. Consumer-focused survey work from CIT Bank highlighted Americans planning to spend an average of $4,700 on 2026 resolutions. Against this backdrop, today’s CRO transition continues a theme of planned, incremental developments rather than abrupt shifts.
Market Pulse Summary
This announcement details a planned Chief Risk Officer transition, with Lorie K. Rupp retiring after a 13-year tenure at the bank and more than 30 years in financial services, and current Treasurer Tom Eklund, a 20-year veteran, named as successor effective June 1, 2026. It emphasizes continuity in risk governance and regulatory compliance oversight. In context of recent financing activities and scheduled earnings events, investors may track how the new CRO’s leadership aligns with capital, liquidity, and enterprise risk priorities over time.
AI-generated analysis. Not financial advice.
RALEIGH, N.C., Jan. 14, 2026 /PRNewswire/ -- First Citizens BancShares, Inc. ("BancShares") (NASDAQ: FCNCA) today announced that Lorie K. Rupp intends to retire as Executive Vice President and Chief Risk Officer, following an exemplary 13-year career at the bank and more than 30 years in the financial services industry. BancShares plans for Tom Eklund, current Treasurer and 20-year First Citizens Bank veteran, to succeed Rupp as Chief Risk Officer. Rupp's retirement and Eklund's appointment will be effective June 1, 2026, providing time to ensure a smooth transition.
Rupp has served as the Chief Risk Officer since March 2017, playing a pivotal role in strengthening the company's risk management framework during a period of significant growth. Previously, she held the role of Chief Accounting Officer joining the bank in 2013.
"Lorie has been an outstanding leader, and her strategic insight and unwavering commitment have been instrumental to our success," said Frank Holding, Chairman and Chief Executive Officer. "Throughout her long and distinguished career in banking, she has exhibited high standards of excellence and professionalism. We wish her all the best in retirement."
Eklund will be responsible for leading the company's risk management organization, including oversight of financial, credit, enterprise and operational, and compliance risk. Eklund has gained substantial experience managing capital, market, liquidity and compliance risks, having held several positions in the bank's finance department, including head of Financial Strategy and Treasurer.
"Tom is a seasoned executive whose expertise managing capital and liquidity risk and commitment to risk governance and regulatory compliance align with our strategic priorities," said Holding. "We are confident he will build on our strong foundation and drive continued success as we remain committed to maintaining a robust risk governance framework in pursuit of our long-term objectives."
About First Citizens BancShares, Inc.
First Citizens BancShares, Inc. (NASDAQ: FCNCA), a top 20 U.S. financial institution with more than
Contact: | Deanna Hart | Angela English |
Investor Relations | Corporate Communications | |
919-716-2137 | 803-931-1854 |
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SOURCE First Citizens Bank
FAQ
When does First Citizens (FCNCA) announce the CRO transition take effect?
Who is replacing Lorie K. Rupp as Chief Risk Officer at First Citizens (FCNCA)?
What responsibilities will Tom Eklund assume as Chief Risk Officer at FCNCA?
How long did Lorie K. Rupp serve as Chief Risk Officer before retiring from First Citizens (FCNCA)?
Does the First Citizens (FCNCA) announcement indicate a planned transition period for the CRO change?
What relevant experience does Tom Eklund bring to the Chief Risk Officer role at FCNCA?
