Summary
This 8-K filing from First Citizens Bancshares, Inc. (FCNCA) reports on the upcoming retirement of a long-standing director, James M. Parker. Mr. Parker, who has been a director since 2007 and a significant contributor to the company for decades, will retire effective December 31, 2018. His departure is in accordance with the company's mandatory retirement policy for directors reaching age 75. Mr. Parker has held a key role as a member of the Risk Committee and is designated as the boards' Risk Expert.
Key Highlights
- 1Director James M. Parker to retire effective December 31, 2018.
- 2Retirement is due to the company's mandatory retirement policy (age 75).
- 3Mr. Parker has served as a director since 2007.
- 4Mr. Parker is a member of the joint Risk Committee.
- 5Mr. Parker is designated as the boards' Risk Expert.
- 6Mr. Parker has a long tenure with the company, including 45 years of employment with FCBank and various executive positions until 2011.
Frequently Asked Questions
James M. Parker is retiring as a director due to First Citizens Bancshares' mandatory retirement policy, which requires directors to retire on December 31 of the year they reach 75 years of age.
Mr. Parker's retirement from the Board of Directors of BancShares and FCBank is effective on December 31, 2018.
Mr. Parker served as a director since 2007, was a member of the joint Risk Committee, and was designated as the boards' Risk Expert. He also had a long history with the company, including 45 years of employment with FCBank and executive roles prior to 2011.
The filing states the retirement is in accordance with a long-standing mandatory retirement policy based on age. Mr. Parker's role as Risk Expert and his departure due to age suggest a structured succession plan is in place for this critical committee, rather than an immediate concern.