Truist Financial will conduct a search for a new chief financial officer after Daryl Bible, who has served in the role since December 2019, announced plans Friday to retire.
The $558 billion-asset bank said Bible, 61, will remain in the role as the company goes through the search process in order to “support a successful transition.”
Bible, a member of Truist’s executive management team, is credited with playing a major part in the merger between BB&T and SunTrust Banks that created Truist two and a half years ago. He joined BB&T in 2008 and became its CFO the following year, working alongside Kelly King, who served as chairman and CEO of BB&T and later Truist, until he retired in September.
“Daryl has played an instrumental role in the success of our merger of equals,” Truist Chairman and CEO Bill Rogers said in a press release. “His leadership, commitment and expertise have greatly contributed to our success and purpose.”
A spokesperson for Truist, which is headquartered in Charlotte, North Carolina, did not say if the company has already begun a search or how long the search process may take to complete.
Bible came to BB&T from U.S. Bancorp, where he worked for 24 years, including 10 years as treasurer, according to his biography. He began his career in the management development program of Star Banc, a Cincinnati company that in 1998 acquired Firstar in Milwaukee, which later acquired U.S. Bancorp and adopted the U.S. Bancorp name.
Bible was one of four BB&T executives in line to receive a special bonus for remaining on the job through the company’s merger with SunTrust. Bible’s bonus was $3.1 million, according to a regulatory filing.
For 2021, Bible’s total compensation package was worth about $8 million, the bank’s latest proxy statement shows.
Source: americanbanker.com
