“We are grateful for Beau’s knowledge, expertise, and purpose-driven leadership,” the statement reads in part.
CHARLOTTE, N.C. — Charlotte-based Truist Financial Corporation announced a sudden leadership change on Monday.
Vice Chair and Chief Operating Officer Hugh S. “Beau” Cummins III has resigned, effective immediately. The announcement was made in a filing with the Securities and Exchange Commission (SEC).
Cummins held this position since November 2023. He’s been with Truist since 2008.
Cummins’ resignation follows material changes to his responsibilities after the completion of several strategic initiatives, including the sale of Truist Insurance Holdings, LLC, and the development of Truist’s strategic direction post-transaction. After his resignation, he will still be eligible for his 2024 annual cash incentive-compensation award and receive outplacement benefits.
Truist’s Board of Directors and management expressed its deep appreciation for Cummins’ contributions.
“We are grateful for Beau’s knowledge, expertise, and purpose-driven leadership in serving Truist’s clients, teammates, communities, and stakeholders during his tenure,” the statement reads.
Following Cummins’ departure, Senior Executive Vice President and Chief Wholesale Banking Officer Kristin Lesher will manage the enterprise payments business. Senior Executive Vice President and Chief Financial Officer Michael B. Maguire will assume Cummins’ remaining responsibilities, including leading teams responsible for enterprise operational services, enterprise corporate services, the strategy, transformation, and performance office, and the governance and controls organization.
Cummins’ unvested performance share unit awards, long-term incentive plan awards and restricted stock unit awards will remain subject to the terms and conditions of the incentive plans and award agreements under which they were granted.
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