8-KLeadership Changes

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Executive Changes (Oct 26, 2017)

Filed October 26, 2017For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

This 8-K filing reports the upcoming retirement of a long-serving director, Lucius S. Jones, from the Board of Directors of First Citizens BancShares, Inc. (FCNCA) and its subsidiary, effective December 31, 2017. Mr. Jones, who is 75 years old, has been a director since 1994 and holds significant leadership roles, including Chairman of the joint Compensation, Nominations and Governance Committee, a member of the joint Executive Committee, and the Lead Independent Director. His retirement is in accordance with the company's mandatory retirement policy for directors reaching age 75. Investors should note this change in board composition and the potential implications for the leadership of key committees. While Mr. Jones' departure is due to a standard policy, his extensive tenure and committee involvement suggest that his successor will need to fill a role with considerable experience and oversight responsibilities.

Key Highlights

  • 1Lucius S. Jones, age 75, will retire as a director of First Citizens BancShares, Inc. and its subsidiary, First-Citizens Bank & Trust Company, effective December 31, 2017.
  • 2The retirement is mandated by the company's policy for directors reaching age 75.
  • 3Mr. Jones has served as a director since 1994, indicating a significant tenure of 23 years.
  • 4He currently holds key leadership positions: Chairman of the joint Compensation, Nominations and Governance Committee, member of the joint Executive Committee, and Lead Independent Director.
  • 5The company will need to appoint new individuals to fill these important committee and leadership roles.
  • 6This event represents a change in board composition and leadership structure.

Frequently Asked Questions

Lucius S. Jones is retiring as a director due to the company's mandatory retirement policy, which requires directors to retire on December 31 of the year they turn 75. Mr. Jones has reached this age.

Mr. Jones served as the Chairman of the joint Compensation, Nominations and Governance Committee, a member of the joint Executive Committee, and the Lead Independent Director for both BancShares and its subsidiary, FCBank.

Mr. Jones has had a long tenure, serving as a director for BancShares and FCBank since 1994.

Mr. Jones' retirement will necessitate the appointment of new individuals to his leadership positions, particularly within the Compensation, Nominations and Governance Committee and as Lead Independent Director. Investors may want to monitor who is appointed to these roles, as they are crucial for corporate governance and executive compensation oversight.