Truist Financial Corp. said eight board members are resigning, bringing the number of directors more in line with industry peers after the bank faced criticism over its governance practices.
(Bloomberg) — Truist Financial Corp. said eight board members are resigning, bringing the number of directors more in line with industry peers after the bank faced criticism over its governance practices.
Former Chief Executive Officer Kelly S. King, Nido Qubein, David Ratcliffe and Thomas Thompson are exiting as they reach mandatory retirement age, Charlotte, North Carolina-based Truist said Monday in a regulatory filing. Anna Cablik, Paul Donahue, Easter Maynard and Frank Scruggs, Jr. are also departing to “address other professional and personal commitments,” the bank said.
The departures, which all take effect Dec. 31, will leave Truist with 13 board members, 12 of whom will be independent directors.
In July, Wells Fargo & Co. analyst Mike Mayo said in a note to clients that Truist was primed for an activist push over issues including governance and compensation.
Read More: Truist Primed for Activist Push on Costs, Governance, Mayo Says
With 21 members, Mayo said, the board is 50% larger than the industry average and Truist hasn’t brought on new members since it was created with the 2019 merger of BB&T Corp. and SunTrust Banks Inc.
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