Announcement made this morning that Daryl Bible is retiring from Truist. A search for a candidate to replace him has begun.
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Hey, look on the bright side.
At least Dontae is still hanging around. Repping the B B T y’all!!!!!
How is a “stay” bonus equal to a “leave” bonus? Are you unaware that there are a number of people currently in Truist leadership roles that got “stay bonuses” and continue serving their role? So, as posts below pointed out, the speculation becomes, “why now”?
My personal observation is the BB&T executives who were told to collect their exit prizes and leave were either given a) “symbolic” roles that evaporated, or b) were more or less “sharing” their role with an hSTI associate, who just happened to slide into the role the second the BB&T executive departed. But that is not the case here.
The CFO role is easily the second most sensitive role in a major bank (behind CEO). If this was a planned move, why would this be the one role with no apparent succession plan? And it is tough to argue that having a CFO leave and then “stay on as a consultant” is part of a well thought out succession plan. While no one but Daryl and the Board know for sure, that is why people speculate this was not a pre-planned departure.
Bible did not ‘suddenly’ quit.he was offered a ‘stay bonus’ during merger negotiations . A stay bonus is really a ‘leave bonus’ equal to a pay off to get you to go along. Look it up.
Next to the CEO, the CFO role at a major bank would be one that you would expect to be covered by a succession plan. Either there is a strategic/personality issue within executive management and DB suddenly quit, or it wasn’t a surprise and leadership just dropped the ball - my guess is the former.
Either way, I believe shareholders deserve clarity around the sudden “retirement” of a major executive, particularly in light of the “interesting” consultant arrangement - and in the larger context of subpar bank performance.
I would love to know how the Truist Board evaluates the performance of the Executive team. Do they honestly think they have been effective? Using a football analogy, (and comparing Truist to its peer group), this appears to me to be a 2-8 or 3-7 coaching staff. Maybe the better question is how long do shareholders put up with this highly-compensated, low-performing leadership team?
Why was no succession plan in place for key leadership roles? Of course there wouldn't be. That involves strategic planning and talent pipelines - and the bank has neither. Further proof of the ineptitude of SunTruist.
For the hBBT folks. How about this irony?? Daryl Bible, who is on record telling managers at BB&T that if they needed to hire consultants to help them make decisions, then THEY were the wrong people for their job! And now Daryl is a Truist consultant - you can’t make this stuff up!!
As we all have learned, you could group this with all the other “BB&T values” and mark the file “Doesn’t Apply to Executive Management”. But hey, in addition to the irony (and hypocrisy), we agree with you Daryl - this current Executive team are not the right people for their job.
How many CFO’s of major banks announce they are leaving, and then concurrently it is released they will be “paid consultants” continuing on with their exact same job? It is absolutely HILARIOUS when you think about it!! He will be representing Truist at this financial conference not as their CFO, but as their, get this, “CFO consultant”.
A CFO is a major role at a large financial institution. I am perplexed as to why not just wait a month for the public announcement (he is still doing the job anyway), and announce your retirement in conjunction with the hiring of the new CFO? Would have quieted a lot of speculation.
My uneducated guess is there is internal conflict at play here, and Daryl was removed from the official reporting structure to deal with it. You get Daryl off the org chart, and you get the work done from the “con$ultant” until a replacement is found.
But who knows. Just when I think things can’t get weirder, I know I can count on the company with the rolling ball of trash as its mascot to give me a good laugh!!
Strange, sudden retirement, staying until a replacement is found, consulting contract for 125k per month now speaking here as if nothing has happened. This is twilight zone stuff!
CHARLOTTE, N.C., May 27, 2022 /PRNewswire/ -- Truist Financial
Corporation (NYSE: TFC) today announced that Chief Financial Officer Daryl Bible will present at the Morgan Stanley US Financials, Payments & CRE Conference at 10:15 a.m. ET on Monday, June 13, 2022, in New York City.
I have no inside knowledge, so what follows is only speculation. Whether you liked Daryl or not, he was an extremely competent and respected CFO. I have a hard time believing his actual job performance in any way led to this sudden announcement.
One possibility is a political clash, which can’t be discounted by those of us who have lived through this absolute mess of a merger. Daryl has the BB&T stench. Another possibility is he was uncomfortable with the current course of the bank, or the financial decisions being made, and wanted to distance himself from it. Or, maybe it was none of the above, and health/stress related.
I do agree that if I was a major shareholder, I would want to have some clarity on the situation. Performance has been mediocre at best with this management team, and this is an extremely important role at a large bank. The management team from the higher performing legacy organization has been weeded out one by one - if that doesn’t ring alarm bells at the board level I don’t know what would.
Hard to believe Starnes will hang around unless he’s gets the job. Thoughts?
This looks sudden to me. You would think if it was part of a plan you would have a replacement lined up (particularly for the CFO at a major bank). Who knows the real reason (and we will likely never know), but this one would raise questions for me if I was a major shareholder.
He was a big reason I left Truist. Forcing his people back into the office before the official RTO date last year was shameful. Nevermind that his monthly all hands featured the latest in mega church Christian music. Just another example of the suntrust people completely taking over the ship. Good riddance DB, hope you are tithing your golden parachute.
Layoffs coming
Yea but it’s only $60 after tax
Another rat running for the door. Going with a consulting fee of 125k per month for a year. Sounds like Bill n Beau shoved him out. Good riddance for another BBT sell out.