https://stocks.apple.com/AObPe3CSTSROr_JfblQifJw
Big changes to the BOD.
7 replies (most recent on top)
Make no mistake. Bill is in complete control of the BOD now. Suntrust takeover is now finalized. He will now be like the all powerful Oz and the down spiral will accelerate. Kelly started this mess and Bill will finish it off.
My company was purchased by BB&T over 20 years ago at $28 a share. I wanted to cheer for the Board many times over the last decade but reality proved a lack of governance and performance. The Board was unwilling to hold management to the test while customers, shareholders and employees suffered. I am encouraged to see today's Board announcement and hope Rogers will seek independent counsel that is motivated to speak the truth and hold management accountable to shareholders.
Four of them were reaching mandatory retirement age of 75. I doubt any will miss the nearly 300k of compensation even though their stock options are worth a lot less today. Bill will retain control.
In case anyone was wondering, 4 are hBBT, 2 are hSTI, and 1 brought on after merger announcement
I’m not sure I believe this statement.
“Their decisions are to address other professional and personal commitments and are not due to any disagreement with Truist on any matter relating to Truist’s operations, policies or practices”.
They have the entire fourth quarter to do more damage:
On October 2, 2023, Truist Financial Corporation (“Truist”) announced changes to its Board of Directors (the “Board”). On December 31, 2023, the retirements of directors Kelly S. King, Nido R. Qubein, David M. Ratcliffe and Thomas N. Thompson will occur due to these directors reaching Truist’s mandatory retirement age. In addition, Board members Anna R. Cablik, Paul D. Donahue, Easter A. Maynard and Frank P. Scruggs, Jr. notified Truist on September 26, 2023, that they have chosen to conclude their service as directors effective as of December 31, 2023. Their decisions are to address other professional and personal commitments and are not due to any disagreement with Truist on any matter relating to Truist’s operations, policies or practices. The Board and Truist’s management express their deep appreciation to these directors for their dedicated service and many significant contributions to Truist.
From the 8k filing:
On October 2, 2023, Truist Financial Corporation (“Truist”) announced changes to its Board of Directors (the “Board”). On December 31, 2023, the retirements of directors Kelly S. King, Nido R. Qubein, David M. Ratcliffe and Thomas N. Thompson will occur due to these directors reaching Truist’s mandatory retirement age. In addition, Board members Anna R. Cablik, Paul D. Donahue, Easter A. Maynard and Frank P. Scruggs, Jr. notified Truist on September 26, 2023, that they have chosen to conclude their service as directors effective as of December 31, 2023. Their decisions are to address other professional and personal commitments and are not due to any disagreement with Truist on any matter relating to Truist’s operations, policies or practices. The Board and Truist’s management express their deep appreciation to these directors for their dedicated service and many significant contributions to Truist.