Now there’s a shocker BillnBeau putting one of their boys in this role. BOD doing their usual job of oversight for the shareholders.
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How’s that new CFO working out?
He probably wouldn’t drink the koolaid and decided to get out with his good name intact
Meanwhile BillnBeau keep the shell game going with acquisitions that keep everyone from scrutinizing the actual running of the company while wealth has been hiring like mad from every other bank. The old country preacher is still wowing his sycophants with scripture and stories of wisdom, as if has any! 😇
@3flm+1iBpCdKD - I am shocked as well. As someone noted earlier, so much less has been done by other publicly traded companies to draw shareholder lawsuits and regulatory scrutiny.
The shareholders paid a PREMIUM for a “combine the best” MOE, and after countless millions of executive payouts are left with a SunTrust executive team boondoggle. This SunTrust executive team was underperforming before the merger - who would have agreed to pay a premium to have them run the combined bank? There is at worst Board collusion, and at best Board apathy.
This whole Takeover/Merger was calculated to strip this company for everything they had. All players are in collusion, making this the biggest heist ever of a public traded stock ever. When will it be investigated, your guess is as good as mine.
Whatever anyone thinks about Daryl personally, he is very well-respected in the banking industry for his technical ability. Replacing him with Maguire is absolutely mind-boggling from a job skills perspective.
There is absolutely no argument that could be made to say the two individuals are even remotely close to each other in ability. Hence, I think it is safe to say Daryl wasn’t fired because Bill/Beau felt he wasn’t doing a “good job”.
I have no inside knowledge, but my best guess is Bill/Beau want more “involvement” in the financials, and looked for someone inexperienced in the role, and more malleable to their “suggestions”.
Anyone that came in contact with Mike is scratching their heads now. Unless they are from hSTI of course.
A pure power consolidation move. From an experience, peer respect, and job skills perspective, Maguire doesn’t hold a candle to Bible (and no, this isn’t a BB&T vs SunTrust thing - I couldn’t care less).
Maguire simply doesn’t have what most in the industry would consider to be a requisite skillset to be a major bank CFO. But what is important is the past relationship and that he will be beholden to Bill/Beau.
At first you wonder about Truist Board oversight. Then, you look at the Board on a person by person basis and you realize this is a laughably weak CEO stacked Board. Crony capitalism at its finest.
How long until the Board just goes ahead and allows them to change the name back to BB&T - Bill, Beau & Takers.
Unless Bible writes a tell all book (that no one would buy) we’ll never know. In a year or so the truth will come out by the actions of BillnBeau. A sale, a breakup, who knows. Time will tell.
This really underscores how strange it is that Daryl Bible just up and resigns out of the blue, and yet stays on as a “paid consultant”. Daryl was continuing to do the CFO job anyway, so why not just wait a few months so Truist could announce his retirement and his successor at the same time (instead of some weird consultant relationship). Something absolutely happened behind the scenes, I would love to know what it was.