First Citizens BancShares Announces Leadership Transition in Risk Management with Tom Eklund's Appointment

First Citizens BancShares Announces Leadership Transition in Risk Management

First Citizens BancShares, Inc. prepares for a significant leadership change as Lorie K. Rupp, the Executive Vice President and Chief Risk Officer, announces her retirement effective June 1, 2026. Rupp, who has played a pivotal role in enhancing the bank's risk management framework over her 13-year tenure, departs with a wealth of experience that extends over three decades in the financial services sector. Her contributions have been instrumental in shaping the bank’s approach to risk governance, with Chairman and CEO Frank Holding commending her leadership and strategic insights that have driven the institution's success. Rupp's legacy includes a robust risk management structure that will serve as a foundation for her successor.

Tom Eklund, currently serving as Treasurer and a veteran of First Citizens Bank for 20 years, is set to take over Rupp’s responsibilities. Eklund's extensive background within the bank's finance department equips him with a deep understanding of capital, market, liquidity, and compliance risks. His previous roles, including head of Financial Strategy, have prepared him to lead the risk management organization effectively. Under Eklund's stewardship, the bank aims to maintain and strengthen its focus on financial, credit, enterprise, operational, and compliance risks. Holding expresses strong confidence in Eklund's ability to build on Rupp's established foundation, ensuring that First Citizens remains committed to robust risk governance and continues to adapt to the evolving financial landscape.

The transition reflects First Citizens BancShares' strategic focus on maintaining stability and resilience in risk management practices. As the bank operates within a complex regulatory environment, Eklund’s leadership is expected to be crucial in navigating potential challenges and leveraging opportunities for growth. The ongoing commitment to effective risk management not only safeguards the bank’s assets but also enhances its reputation as a reliable partner for clients across its comprehensive range of banking services.

In a related development, First Citizens Bank’s Silicon Valley Bank division has released its 2026 State of the U.S. Wine Industry Report, highlighting a continued decline in industry sales for 2025. The report indicates a drop in both volume and value, primarily attributed to challenges in the lower-priced wine segment. Despite these challenges, the report projects an optimistic outlook for 2026, suggesting potential stabilization and modest growth in the future.

Additionally, the bank plans to host a live webinar to discuss the report's findings, offering insights into market trends and strategies for navigating the changing dynamics of the wine industry. This initiative underscores First Citizens BancShares’ commitment to providing valuable industry insights and support to its clients, reinforcing its position as a key player in both the financial and sector-specific markets.