Summary
First Citizens BancShares, Inc. /DE/ (FCNCA) filed an 8-K on October 28, 2022, primarily to announce changes in its Board of Directors. Mr. Daniel Heavner, a long-serving director since 2007, will retire effective December 31, 2022, due to the company's mandatory retirement policy for directors reaching age 75. Mr. Heavner currently serves on the Audit Committee and chairs the Trust Committee. To fill the vacancy, the Board has appointed Dr. Eugene Flood, Jr., effective January 1, 2023. Dr. Flood brings extensive experience in finance and asset management, having previously held leadership roles at Janus Henderson Group, Smith Breeden Associates, TIAA CREF, and Morgan Stanley, as well as academic experience at Stanford Business School. He has also served on various other boards and committees, indicating a strong background in corporate governance and financial oversight. Dr. Flood has been deemed independent by Nasdaq listing standards and will be compensated according to the company's standard director compensation policies.
Key Highlights
- 1Director Daniel Heavner to retire effective December 31, 2022, due to age policy.
- 2Dr. Eugene Flood, Jr. appointed to the Board effective January 1, 2023.
- 3Dr. Flood's appointment fills the vacancy left by Mr. Heavner's retirement.
- 4Dr. Flood possesses substantial experience in asset management, executive leadership, and finance.
- 5Dr. Flood's previous roles include leadership at Janus Henderson Group, Smith Breeden Associates, and TIAA CREF.
- 6Dr. Flood has been deemed an independent director under Nasdaq listing standards.
- 7Dr. Flood will serve on the Risk Committee of the Board and the Trust Committee of FCB.