8-KLeadership Changes

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Executive Changes (Nov 17, 2020)

Filed November 17, 2020For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens Bancshares, Inc. (FCNCA) announced a change in its Chief Accounting Officer role via an 8-K filing on November 17, 2020. Jason W. Grooters, Assistant Vice President and Chief Accounting Officer, will be resigning effective November 30, 2020, to pursue other professional opportunities. This departure is reported as amicable and not due to any disputes with the company. Following Mr. Grooters' departure, the Company plans to separate the roles of principal accounting officer and controller. Craig L. Nix, the current Chief Financial Officer (CFO), will assume the responsibilities of the principal accounting officer in addition to his existing CFO duties. The Company is also in the process of hiring a new controller, expected to join by December 1, 2020, to manage those specific responsibilities.

Key Highlights

  • 1Resignation of Chief Accounting Officer Jason W. Grooters, effective November 30, 2020.
  • 2Mr. Grooters' departure is for other professional opportunities and is not related to any company disputes.
  • 3Chief Financial Officer Craig L. Nix will assume the role of Principal Accounting Officer.
  • 4The Company is separating the Principal Accounting Officer and Controller roles.
  • 5A new Controller is being hired and is expected to join by December 1, 2020.
  • 6No new compensatory arrangements are being made for CFO Craig L. Nix in his new role.
  • 7Mr. Nix has extensive experience with the company and is a CPA.

Frequently Asked Questions

The Chief Accounting Officer, Jason W. Grooters, is resigning to pursue other professional opportunities. The company stated that his departure is not the result of any dispute or disagreement with First Citizens Bancshares.

Effective November 30, 2020, Craig L. Nix, the current Chief Financial Officer, will assume the role of Principal Accounting Officer. The company is also hiring a new Controller to manage those specific duties separately.

No, the filing states that no new compensatory arrangements will be entered into with Mr. Nix in connection with his appointment as the Company's principal accounting officer.

The filing indicates that the separation is a planned restructuring. The CFO, Mr. Nix, who has extensive experience and is a CPA, is taking on the principal accounting officer role, and a new controller is being hired, suggesting a deliberate effort to manage these functions effectively.