Beau’s departure is the first step in selling Truist later this year. Bill will announce his retirement by June. Inevitably Truist will be sold by end of year. The sale of TIH along with resignations of C Suite and Board members are all major red flags that an impending sale is looming.
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The writing in the wall for this bank. Someone actually posted what would happen a few months back. The bank is definitly an attractive asset to many institutions don’t kid yourself.
Have other top banks played musical chairs like this over the last 5 years?
Bill fired Beau, plain and simple. It’s outrageous the amount of turnover the EL team has experienced at Truist. At what point does the board realize that Bill is the problem and he must go? Sad that the board is nothing but Bill Rogers sycophants that do not have the courage to force him to resign.
It seems clear that Beau was fired but by whom? Bill convince the board all that ails SunTruist lays at Beau’s feet and they all agree to parachute him out the door? Or, did the BOD say enough of all this, we’ll start with the heir apparent to make sure we have everyone’s attention and Bill you’re next if we don’t see instant improvement. Inquiring minds would like to know.
Beau was fired plain and simple. When a C-suite executive decides to retire on their own accord there is a transition period to help soften the blow to the “street” to help keep the stock price from taking a major hit. Billy Bob may have sniffed out Beau was gunning for his job, or maybe the Board is finally taking matters in their own hands and trying to right the ship.
I liked Beau. Seems like a fun and personable guy.
Don’t cry for Beau, see below:
Cummins appears to have resigned on good terms with Truist given he "is entitled to the benefits of a resignation for 'good reason'” under Truist’s Amended and Restated Management Change of Control, Severance and Noncompetition Plan.
That means Cummins is eligible for up to $17.33 million in "good reason" compensation, including $6.16 million in severance and preferred stock units valued at $5.45 million.
Cummins remains eligible for his annual cash incentive-compensation award for 2024 and for outplacement benefits from Truist.
Unvested performance share 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.
It is the second major compensation package Cummins has received since Truist was formed from the $33.4 billion purchase of SunTrust by BB&T Corp.
He received $14.74 million, consisting of $4.74 million in cash and $10 million in equity awards, as part of the SunTrust sale.
If Beau was the most competent member of the leadership team Truist is truly f***ed. The arrogance of this guy is incredible. Read his LinkedIn post for proof. Only remaining EL members from the merger are Bill, Kimberly Moore Wrong, Donta and McGuire. I will say it’s a pretty low bar to be the most competent of that group.
If you are close to leadership you know Beau was the most competent at the table. Hate to see him forced out but will be the first of many dominos to fall.
Beau clearly forced out. Failed coup?
Beau’s purposeful leadership will be missed. Bill should have been dismissed and Beau named CEO.
So stupid. Yes, Cummins resigned. No one is going to leave voluntarily if sale rumors come true. Leadership gets a major windfall with a sale. Ask ML leadership in 2008
Laurence Stein, remember this guy was added to the BOD? Future CEO
It is likely Beau was told you will not be CEO no matter what and he decided to cash out now. His employment contract was about to change significantly.
Do you have a clue - why would you leave when you would get a huge windfall from a change of control if that is happening anytime soon - but if you believe it better get out now