Truist Financial reached a definitive agreement to sell its remaining stake in Truist Insurance Holdings, a subsidiary of Truist and the fifth largest insurance brokerage in the U.S., to an investor group led by private equity firms Stone Point Capital and Clayton, Dubilier & Rice.
Investment management company Guardian Capital Group reached an agreement under which its wholly-owned subsidiary, Guardian Capital, will acquire Sterling Capital Management from Truist Financial.
Beau Cummins, vice chair of Truist Financial, will assume the role of chief operating officer immediately. In addition, Truist named Dontá Wilson chief consumer and small business banking officer and hired Kristin Lesher as chief wholesale banking officer.
After June 30, Truist Financial will use CME term SOFR as the replacement reference rate for certain outstanding floating rate and fixed-to-floating rate debt securities and preferred stock that use three-month U.S. dollar LIBOR as the reference rate.
John Gregg will retire as chairman and CEO of Truist Securities, effective March 31, with Tom Hackett named as his Gregg’s successor. Hackett currently serves as president and chief operating officer of Trust Securities, a position he’s held since 2020.
Scott Stanzel joined Truist Financial as executive vice president and chief communications officer. Stanzel will report to chief legal officer and head of public affairs Ellen Fitzsimmons and will lead the bank’s corporate communications function.
Truist Financial acquired key strategic assets from Zaloni, a provider of data technology solution delivery. Truist will acquire the Zaloni Arena platform to accelerate its data governance, metadata management, advanced analytics and artificial intelligence and machine learning programs.
Daryl Bible, CFO of Truist Financial, will retire after a 38-year career, including more than 14 years at Truist. As Truist conducts the search for its new CFO, Bible will continue to serve in his current role to support the transition.
William H. Rogers Jr., CEO of Truist Financial, will become chairman of the board of the company and Thomas E. Skains will become lead independent director. Rogers will succeed Kelly S. King and Skains will succeed David M. Ratcliffe.
Truist Financial appointed Denise M. DeMaio chief audit officer, effective Feb. 28. DeMaio will lead Truist’s internal audit function and provide counsel to senior management on emerging risk trends from the vantage points of governance, processes, technologies and reporting.