Truist Financial Corporation (NYSE:TFC) disclosed today the immediate resignation of Hugh S. "Beau" Cummins (NYSE:CMI) III, the company's Vice Chair and Chief Operating Officer.
The departure comes as a result of significant changes to Cummins' role following the completion of several strategic initiatives, including the sale of Truist Insurance Holdings, LLC.
Cummins is eligible for a "Good Reason" resignation benefits package under the company's Amended and Restated Management Change of Control, Severance and Noncompetition Plan.
This package was previously detailed in Truist's proxy statement for the 2024 annual shareholders meeting. He will also receive his annual cash incentive for 2024 and outplacement benefits. The status of Cummins' unvested performance share units, long-term incentive plan awards, and restricted stock unit awards will adhere to the original incentive plans and award agreements.
Truist's Board and management team have expressed gratitude for Cummins' contributions, highlighting his purpose-driven leadership and impact on the company's clients, teammates, communities, and stakeholders.
Following his departure, Kristin Lesher, Senior Executive Vice President and Chief Wholesale Banking Officer, will assume management of the enterprise payments business. Michael B. Maguire, Senior Executive Vice President and Chief Financial Officer, will take over Cummins' other responsibilities, which include enterprise operational services, corporate services, strategy, transformation, performance office, and the governance and controls organization.
The information about this executive change and the related financial implications are based on a recent SEC filing by Truist Financial Corporation.
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