Eight of Truist’s board members, including former CEO Kelly King, will leave the bank’s board at the end of the year, the Charlotte, North Carolina-based lender announced Monday.
The move will shrink the board to 13 members, bringing it closer to the banking industry’s average.
Four of the board members are retiring after aging out of the position, while four others are leaving voluntarily, the bank said, without indicating which outgoing members fell in which category.
"Our board members have worked effectively together to oversee Truist's successful formation and integration in a historic operating environment,” the bank’s CEO, Bill Rogers, said in a statement Monday. "With that integration complete, and several strategic initiatives underway that will guide our path forward, the board remains well positioned to shape, oversee and advance the strategic imperatives of Truist in this period of rapid industry transformation.”
Besides King, the departing board members are Anna Cablik, Paul Donahue, Easter Maynard, Nido Qubein, David Ratcliffe, Frank Scruggs, Jr. and Thomas Thompson.
The timing of King’s departure from the board had been set as far back as 2019, when BB&T and SunTrust announced the merger that formed Truist.
When 2024 begins, 12 of Truist’s 13 board members will be independent, the bank said.
"We are deeply grateful for the unwavering commitment of each board member completing service,” Truist’s lead independent director, Thomas Skains, said Monday. “They have all made meaningful contributions to Truist, and we respect the decisions that several have made to conclude their service early.”
The remaining board members “offer a diverse set of skills and experiences and are well positioned to continue setting Truist's strategic priorities and provide oversight to drive shareholder value,” Skains added.