UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
Commission file number:
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |
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(Address of principal executive offices) | (Zip Code) |
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On May 20, 2022, Truist Financial Corporation (“Truist”) announced that Daryl N. Bible, Truist’s Chief Financial Officer, will retire from Truist later this year, upon the naming and transition of his successor in the role (the “Retirement Date”).
In connection with his retirement, Truist and Mr. Bible entered into a Retirement and Consulting Agreement (the “Agreement”), pursuant to which Mr. Bible will provide consulting services to support the transition of the Chief Financial Officer’s responsibilities to his successor, including with respect to capital, liquidity and other balance sheet management activities. These consulting services will be provided for a period of one year from the Retirement Date (the “Consulting Period”). The Agreement also includes non-competition and other similar restrictions for a period of 12 months after the Retirement Date, as well as other customary separation provisions.
For those services and commitments, Mr. Bible will receive monthly consulting fees of $125,000 during the Consulting Period and a lump sum payment of $2,750,000 at the conclusion of the Consulting Period. Mr. Bible will also continue participation for 24 months after the Retirement Date in Truist’s health and welfare benefits.
Mr. Bible’s unvested performance unit awards, long-term incentive plan awards, and restricted stock unit awards remain subject to the terms and conditions of the incentive plans and award agreements under which they were granted.
Item 7.01 | Regulation FD Disclosure. |
A copy of the news release issued by Truist announcing Mr. Bible’s retirement, dated May 20, 2022, is furnished as Exhibit 99.1. The news release at Exhibit 99.1 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section and shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
Exhibit No. |
Description of Exhibit | |
99.1 | News release dated May 20, 2022 | |
104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TRUIST FINANCIAL CORPORATION | ||
(Registrant) | ||
By: | /s/ Cynthia B. Powell | |
Name: | Cynthia B. Powell | |
Title: | Executive Vice President and Corporate Controller (Principal Accounting Officer) |
Date: May 20, 2022
Exhibit 99.1
![]() |
News Release |
Contacts: | ||
Investors: | Ankur Vyas | |
404-827-6714 | investors@truist.com | ||
Media: | Shelley Miller | |
704-692-1518 | media@truist.com |
Truist announces retirement of Chief Financial Officer Daryl Bible
CHARLOTTE, N.C., (May 20, 2022) Truist Financial Corporation (NYSE: TFC) today announced that Chief Financial Officer Daryl Bible has made the decision to retire from Truist after a distinguished 38-year career and more than 14 years with the company.
Daryl has played an instrumental role in the success of our merger of equalsone of the largest financial services mergers in recent history, said Chairman and Chief Executive Officer Bill Rogers. His leadership, commitment and expertise have greatly contributed to our success and purpose, and we all thank Daryl for his many years of service to Truist teammates, clients and communities.
As Truist conducts the search for its new CFO, Bible will continue to serve in his current role to support a successful transition.
About Truist
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets in the country, and offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $544 billion as of March 31, 2022. Truist Bank, Member FDIC. Learn more at Truist.com.
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