First Citizens BancShares Announces Leadership Change in Risk Management with Lorie Rupp's Retirement
- Lorie K. Rupp will retire as Chief Risk Officer of First Citizens BancShares on June 1, 2026.
- Tom Eklund, currently Treasurer, will succeed Rupp and lead the bank's risk management organization.
- First Citizens BancShares remains committed to enhancing risk governance during this leadership transition.
Leadership Transition in Risk Management at First Citizens BancShares
First Citizens BancShares, Inc. is poised for a significant leadership transition as Lorie K. Rupp announces her retirement from the role of Executive Vice President and Chief Risk Officer, effective June 1, 2026. Rupp's 13-year tenure at the bank has been marked by substantial advancements in its risk management framework, which have bolstered the company's overall stability and resilience in an evolving financial landscape. With over 30 years of experience in the financial services sector, Rupp has played a vital role in shaping the bank's approach to risk governance, ensuring that it meets regulatory standards while also safeguarding its assets.
In recognizing Rupp's contributions, Frank Holding, Chairman and CEO of First Citizens BancShares, highlights her strategic insight and leadership, which have been instrumental to the bank's success. Under her stewardship, the risk management department has developed robust methodologies to address various financial and operational risks. Rupp's legacy includes not only her technical acumen but also her ability to foster a culture of risk awareness across the organization, aligning risk management with the bank's strategic objectives. This transition comes at a critical time, as financial institutions are increasingly challenged to navigate complex market dynamics and regulatory requirements.
Tom Eklund, who currently serves as the Treasurer and has been with First Citizens Bank for 20 years, will succeed Rupp as Chief Risk Officer. Eklund's extensive background in managing capital, market, liquidity, and compliance risks positions him well to lead the risk management organization. His previous roles, including head of Financial Strategy, have equipped him with the necessary skills to address the multifaceted challenges that come with ensuring sound risk governance. Holding expresses confidence in Eklund's ability to build upon the foundation laid by Rupp, indicating a seamless transition that underscores the bank's commitment to maintaining a robust risk management framework.
In addition to the leadership change, First Citizens BancShares continues to solidify its position as a leading financial institution with over $200 billion in assets. The bank offers a comprehensive array of services, including commercial and innovation banking, supported by a nationwide branch network and direct banking services. As the company navigates this transition, it remains focused on enhancing its risk management capabilities, which are crucial for its ongoing growth and stability in the competitive banking sector.
As First Citizens BancShares prepares for this new chapter, the emphasis on strong risk governance reflects the bank's dedication to maintaining its reputation and operational integrity in a challenging economic environment. With seasoned leaders at the helm, the bank is well-positioned to adapt to future challenges while continuing to deliver value to its customers and stakeholders.