Truist Financial Corporation on Wednesday (Aug. 18) said in a press release that President and Chief Operating Officer William H. Rogers Jr. will succeed Kelly S. King as chief executive officer Sept. 12, a move that was announced in February 2019 as part of a merger that formed the company.
King will become executive chairman of the board of directors through March 12 as part of the leadership transition.
“I have the highest confidence in what our Truist teammates will accomplish under Bill’s leadership,” King said in the company announcement. “He’s a highly regarded industry leader, having served as the chief executive officer and chairman of SunTrust for eight years, and is perfectly equipped for the responsibility and opportunity to take the company forward.”
“When we announced the merger of equals, we were confident of strong cultural alignment, the ability to achieve industry-leading outcomes, the ability to grow revenue through complementary businesses and the opportunity to gain the scale to invest in digitization and innovation,” said Rogers in the company announcement.
As part of the leadership transition, Truist also announced the following changes, effective Sept. 1: Daryl N. Bible will be chief financial officer, Scott Case will be chief information officer, Beau Cummins will be vice chair and Ellen M. Fitzsimmons will be chief legal officer and head of public affairs.
In addition, John Howard will be the chief insurance officer, Mike Maguire will be chief national consumer finance services and payments officer, Kimberly Moore-Wright will be chief teammate officer and head of enterprise diversity and Brant J. Standridge will be chief retail community banking officer.
Finally, Clarke R. Starnes III will be chief risk officer, Joseph M. Thompson will be chief wealth officer, David H. Weaver will be chief commercial community banking officer and Donta L. Wilson will be chief digital and client experience officer. Amy Collins will be named chief of staff to work alongside Rogers and the executive leadership team.
SunTrust Banks Inc., now Truist following its merger with BB&T, provides rewards to its debit card customers, giving cash back on purchases at hundreds of participating retailers.
Carl Thibodeau, senior vice president of consumer credit and debit card solutions, said debit cardholders made fewer large purchases and reduced their number of shopping trips since the pandemic started, but they added more than usual to their buckets.