Truist said Hugh S. "Beau" Cummins III, Vice Chair and Chief Operating Officer, announced his resignation on January 13, 2025, effective immediately.

1. 01

   Truist said Hugh S. "Beau" Cummins III, Vice Chair and Chief Operating Officer, announced his resignation on January 13, 2025, effective immediately.

2. 02

   The company said Cummins' resignation results from material changes to his responsibilities by Truist following completion of several strategic initiatives, including the sale of Truist Insurance Holdings, LLC and the development of Truist's strategic direction after that transaction. It said Cummins is entitled to resignation benefits for "Good Reason" under the Truist plan.

3. 03

   Truist said Cummins will remain eligible for his annual cash incentive-compensation award for 2024 and will receive outplacement benefits. The company said his unvested performance share unit, long-term incentive plan and restricted stock unit awards remain subject to the terms of the incentive plans and award agreements under which they were granted.

4. 04

   Truist said management of the enterprise payments business will transfer to Kristin Lesher, Chief Wholesale Banking Officer. It said Cummins' remaining responsibilities will transfer to Michael B. Maguire, Chief Financial Officer.

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