First Citizens BancShares Announces Transition of Chief Risk Officer with Successor Named

Transition in Leadership at First Citizens BancShares

First Citizens BancShares, Inc. (NASDAQ: FCNCA), a leading financial institution based in Raleigh, North Carolina, recently announced a notable shift in its executive leadership team. Lorie K. Rupp, the current Executive Vice President and Chief Risk Officer, is set to retire, marking the end of an illustrious 13-year career with the bank and over three decades in the financial services sector. This announcement comes as part of a planned succession strategy, and Tom Eklund, who has been with the bank for 20 years in various roles including Treasurer, has been named as her successor.

Rupp has played a crucial role in developing and reinforcing the risk management framework of the bank since her promotion to Chief Risk Officer in March 2017. Her efforts have substantially contributed to the firm’s stability and growth during a particularly dynamic period in the finance industry. Prior to her current position, she served as Chief Accounting Officer after joining First Citizens in 2013. Reflecting on Rupp’s legacy, Frank Holding, the Chairman and Chief Executive Officer of BancShares stated, ‘Lorie has been an outstanding leader, and her strategic insight and unwavering commitment have been instrumental to our success.’ The leadership expressed its best wishes for her retirement, highlighting the high standards of excellence she maintained throughout her career.

Effective June 1, 2026, Eklund will inherit the responsibilities of leading the organization’s risk management initiatives, which encompass financial, credit, enterprise, operational, and compliance risks. With a proven track record in managing capital, market, liquidity, and compliance risks, Eklund has developed expertise that aligns perfectly with the organization’s strategic direction. His previous roles within the finance department of the bank, particularly as head of Financial Strategy, have equipped him with the necessary experience to sustain and enhance the robust risk governance framework established during Rupp’s tenure.

Eklund expressed enthusiasm about stepping into his new role, acknowledging the solid foundation laid by Rupp and committing to furthering the bank's objectives while maintaining a culture of risk awareness and integrity. ‘Tom is a seasoned executive whose expertise managing capital and liquidity risk aligns with our strategic priorities,’ Holding remarked, underscoring the trust that the organization has in Eklund's capabilities.

First Citizens BancShares, with assets exceeding $200 billion, stands as one of the top 20 banking institutions in the United States and is recognized in the Fortune 500. The bank prides itself on its rich legacy of strength and stability, having consistently provided long-term value to its customers and stakeholders. As the organization prepares for these leadership transitions, the focus remains on navigating the ongoing challenges in the financial landscape while honing a strategic approach to risk management that will safeguard its operations and support future growth.

In light of this upcoming change, clients and stakeholders can expect continued engagement and communication from First Citizens as it maintains its commitment to service excellence and strategic innovation in the banking sector. More updates regarding the transition and future initiatives are anticipated as the effective date approaches.

To learn more about First Citizens BancShares and its evolving leadership, visit First Citizens Bank for further information.