Truist Financial Corporation (TFC, Financial) has announced the resignation of Hugh S. “Beau” Cummins III, Vice Chair and Chief Operating Officer, effective immediately. The decision comes in the wake of significant changes to his responsibilities following the completion of several strategic initiatives, including the sale of Truist Insurance Holdings, LLC and the development of the company's strategic direction post-transaction.
Mr. Cummins' resignation qualifies as a "Good Reason" under Truist's Amended and Restated Management Change of Control, Severance and Noncompetition Plan. Consequently, he will receive the associated benefits, as outlined in Truist's 2024 annual shareholders meeting proxy statement. Additionally, Mr. Cummins remains eligible for his 2024 annual cash incentive-compensation award and will receive outplacement benefits.
His unvested performance share unit awards, long-term incentive plan awards, and restricted stock unit awards will continue to be governed by the terms and conditions of the respective incentive plans and award agreements.
Truist's Board of Directors and management have expressed their gratitude for Mr. Cummins' contributions, highlighting his knowledge, expertise, and leadership during his tenure. Following his departure, Kristin Lesher, Senior Executive Vice President and Chief Wholesale Banking Officer, will manage the enterprise payments business. Michael B. Maguire, Senior Executive Vice President and Chief Financial Officer, will assume Mr. Cummins' remaining responsibilities, including oversight of enterprise operational services, corporate services, strategy, transformation, performance office, and governance and controls organization.
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