8-KLeadership Changes

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Executive Changes (Feb 24, 2017)

Filed February 24, 2017For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. (FCNCA) announced key executive appointments effective March 1, 2017. Lorie K. Rupp has been promoted to Vice President and Chief Risk Officer (CRO) for both the parent company and its subsidiary, First-Citizens Bank & Trust Co. (FCB). In this expanded role, Ms. Rupp will lead the enterprise risk management department and oversee corporate compliance, drawing on her prior experience as Chief Accounting Officer (CAO) since March 2013. Concurrently, Jason W. Grooters has been appointed Assistant Vice President and Chief Accounting Officer (CAO) for BancShares and Senior Vice President and CAO for FCB. He will be the principal accounting officer and manage accounting activities, including regulatory reporting. Mr. Grooters brings a blend of internal and external financial experience, including recent work as DFAST Project Manager and prior roles at Eton Technologies and Grant Thornton LLP.

Key Highlights

  • 1Lorie K. Rupp promoted to Vice President and Chief Risk Officer (CRO) effective March 1, 2017.
  • 2Rupp will manage enterprise risk management and corporate compliance for BancShares and FCB.
  • 3Jason W. Grooters appointed Assistant Vice President and Chief Accounting Officer (CAO) effective March 1, 2017.
  • 4Grooters will serve as the principal accounting officer for BancShares and FCB.
  • 5Grooters' compensation includes an annual base salary of $250,000.
  • 6Grooters is eligible for participation in FCB's Long-Term Incentive Plan with target awards of 45% of his base salary.

Frequently Asked Questions

The company announced the promotion of Lorie K. Rupp to Chief Risk Officer and the appointment of Jason W. Grooters as Chief Accounting Officer, both effective March 1, 2017.

As Chief Risk Officer, Ms. Rupp will manage the enterprise risk management department and oversee corporate compliance functions for both First Citizens BancShares and its subsidiary, First-Citizens Bank & Trust Co.

Mr. Grooters, age 41, has been appointed Chief Accounting Officer and will serve as the principal accounting officer, overseeing accounting activities and regulatory reporting. His experience includes roles at Eton Technologies, Grant Thornton LLP, and most recently as DFAST Project Manager within FCB.

Mr. Grooters will receive an annual base salary of $250,000 and is eligible to participate in FCB's Long-Term Incentive Plan, with target awards set at 45% of his base salary for specified performance periods.