8-KLeadership ChangesRegulation FDExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Executive Changes (Jan 16, 2024)

Filed January 16, 2024For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. (FCNCA) announced a significant leadership appointment via an 8-K filing on January 16, 2024, detailing the hiring of Gregory L. Smith as Chief Information & Operations Officer. This strategic hire, effective January 9, 2023, signals a focus on enhancing the company's technology, operations, cyber, and data functions. Mr. Smith brings extensive experience from TD Bank Financial Group and other major financial institutions, underscoring his capabilities in driving transformational change and managing complex operational and technology platforms. The filing also outlines Mr. Smith's compensation package, which includes a competitive base salary, signing bonus, long-term cash incentives, and performance-based bonuses, alongside eligibility for a substantial Long-Term Incentive Plan award. This comprehensive remuneration structure reflects the importance of his role and the expected impact on the company's strategic objectives. The appointment is a key development for investors seeking to understand the company's investment in critical operational infrastructure and executive talent.

Key Highlights

  • 1Gregory L. Smith appointed Chief Information & Operations Officer, effective January 9, 2023.
  • 2Mr. Smith will oversee technology, operations, cyber, and data functions across First Citizens BancShares and its subsidiary, First-Citizens Bank & Trust Company.
  • 3Mr. Smith has a strong background with extensive experience at TD Bank Financial Group and other reputable financial institutions.
  • 4His compensation package includes an annual base salary of $600,000, a $100,000 signing bonus, and long-term cash payments totaling $300,000 over three years.
  • 5Potential for significant performance bonuses of up to $1.8 million for 2024 and 2025.
  • 6Eligible for a Long-Term Incentive Plan award targeting 300% of his base salary.
  • 7Includes a relocation package with allowance and closing cost payments, subject to relocation to Raleigh, NC by January 8, 2025.

Frequently Asked Questions

Mr. Smith has been appointed as Chief Information & Operations Officer to strategically lead and enhance the company's technology, operations, cyber, and data functions across the enterprise. This indicates a strong focus on modernizing and strengthening these critical areas of the business.

Mr. Smith's compensation includes an annual base salary of $600,000, a $100,000 signing bonus, long-term cash payments of $100,000 each in 2025, 2026, and 2027, and performance bonuses of up to $1.8 million for 2024 and 2025. He is also eligible for a significant Long-Term Incentive Plan award.

The filing explicitly states there are no arrangements or understandings concerning his selection with other persons, nor any transactions or relationships requiring disclosure under Item 404(a) of Regulation S-K. Additionally, there are no disclosed family relationships with directors or executive officers that require disclosure under Item 404(d).

If Mr. Smith's employment terminates before January 8, 2026, for reasons other than layoff, position elimination, death, or disability, he is required to repay the signing bonus and relocation allowance on a pro-rata basis, reflecting the portion of his employment completed.