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Truist Vice Chair Beau Cummins, who also serves as the bank’s chief operating officer, is resigning, effective immediately, the Charlotte, North Carolina-based lender said Monday in a filing with the Securities and Exchange Commission.
Cummins’ resignation stems from “material changes to his responsibilities” after the sale of Truist Insurance Holdings “and the development of Truist’s strategic direction after the transaction,” the bank said in its filing.
Management of Truist’s enterprise payments business will move to Kristin Lesher, the bank’s chief wholesale banking officer. Cummins’ remaining responsibilities will transition to CFO Mike Maguire, the bank said. That includes Truist’s enterprise operational services; enterprise corporate services; the bank’s strategy, transformation and performance office; and the governance and controls organization.
“After 20 years, today is my last day at Truist,” Cummins wrote on LinkedIn. “I’m proud of all we’ve accomplished together and have enjoyed every day. AND after 36 years in banking, I’m ready to start my next season.”
Cummins is entitled to the benefits of a resignation for “good reason,” the bank said in its filing. The bank gave him roughly $6.5 million in 2023, the latest year for which executive compensation is available. That breaks down to an $800,000 salary; more than $3.3 million in stock awards; about $1.7 million in non-equity incentive compensation; and $700,000 in deferred compensation or a change in pension value, according to Truist’s last annual proxy statement.
Cummins will be eligible for his annual cash incentive-compensation award for 2024 and receive outplacement benefits, the bank said Monday in its SEC filing. His unvested performance share unit awards, long-term incentive plan awards and restricted stock unit awards remain subject to the terms and conditions in place when the agreements were made, the bank said.
CEO Bill Rogers had not made a public statement on Cummins’ departure by press time. But the bank, in its filing, noted that “Truist’s Board of Directors and management express their deep appreciation” to the now-former vice chair “for his knowledge, expertise, and purpose-driven leadership in serving Truist’s clients, teammates, communities, and stakeholders during his tenure.”