First Citizens BancShares has announced a planned leadership transition within its risk management team, marking the close of a distinguished chapter and the beginning of a carefully planned succession. Lorie K. Rupp, Executive Vice President and Chief Risk Officer, has shared her intention to retire effective June 1, 2026, following 13 years with the bank and more than three decades in the financial services industry. To ensure continuity and a smooth handover, the company has named Tom Eklund, its current Treasurer and a 20-year veteran of First Citizens Bank, as her successor.
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Rupp has served as Chief Risk Officer since 2017 and has been a central figure in strengthening the bank’s risk management framework during a period of meaningful growth and transformation. After joining First Citizens in 2013 as Chief Accounting Officer, she helped guide the organization through increasingly complex regulatory and risk environments, earning deep respect across the institution for her steady leadership and strategic insight.
Frank Holding, Chairman and Chief Executive Officer, praised Rupp’s contributions, noting that her professionalism, judgment, and commitment to excellence have played an important role in the bank’s long-term success. He expressed gratitude for her many years of service and extended best wishes as she prepares for retirement.
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Eklund will assume responsibility for overseeing the company’s enterprise-wide risk management organization, including financial, credit, operational, and compliance risk. His background includes extensive experience managing capital, market, liquidity, and regulatory risks, supported by a long tenure in the bank’s finance organization where he previously led financial strategy and currently serves as Treasurer.
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Holding emphasized that Eklund’s deep understanding of risk governance and regulatory expectations aligns well with the bank’s strategic priorities. With this planned transition, First Citizens BancShares aims to build on its strong risk management foundation while maintaining stability and continuity as it pursues its long-term objectives.
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