8-KLeadership ChangesCorporate ChangesExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Executive Changes (May 1, 2009)

Filed May 1, 2009For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

This Form 8-K filing by First Citizens BancShares, Inc. /DE/ on May 1, 2009, primarily details adjustments to executive compensation and amendments to the company's bylaws. The most significant event reported is the establishment of new annual salaries for Frank B. Holding, Jr. and Edward L. Willingham, IV, effective May 1, 2009. Mr. Holding's salary was set at $850,000 following his election as Chairman of the Board, and Mr. Willingham's salary was set at $550,000 following his election as President. Additionally, the company's Board of Directors approved amendments to its bylaws on April 27, 2009. These amendments aim to clarify the roles and responsibilities of various officers, and to establish clear priorities and succession plans in the event of an officer's absence or disability. Investors should note that these changes reflect the evolving leadership structure and governance framework of the company.

Key Highlights

  • 1Effective May 1, 2009, Frank B. Holding, Jr.'s annual salary was adjusted to $850,000 following his election as Chairman of the Board.
  • 2Effective May 1, 2009, Edward L. Willingham, IV's annual salary was adjusted to $550,000 following his election as President.
  • 3The Board of Directors approved amendments to the company's bylaws on April 27, 2009.
  • 4The bylaw amendments are intended to clarify officer roles, responsibilities, and establish succession priorities.
  • 5These compensation and governance changes were made following recent executive leadership elections.
  • 6The filing includes standard forward-looking statement disclosures, cautioning investors about inherent risks and uncertainties.

Frequently Asked Questions

The salary adjustments were made to reflect their recent elections to key leadership positions: Mr. Holding as Chairman of the Board and Mr. Willingham as President. These new salaries became effective on May 1, 2009.

The amendments to the bylaws aim to provide clearer definitions of the roles and responsibilities for the company's officers. They also establish priorities and a succession plan in situations where one or more officers may be absent or disabled.

The new executive salaries for Mr. Holding and Mr. Willingham became effective on May 1, 2009. The amendments to the bylaws became effective immediately upon approval by the Board of Directors on April 27, 2009.

No, this Form 8-K filing does not disclose specific financial results or significant business transactions. Its primary focus is on changes in executive compensation and amendments to corporate governance documents (bylaws).