Truist Financial Vice Chair and Chief Operating Officer Beau Cummins III has resigned from his position as a result of material changes to his responsibilities by Truist following completion of several strategic initiatives in which Cummins played a key role, including the sale of Truist Insurance Holdings and the development of Truist’s strategic direction after that transaction.

"Truist’s Board of Directors and management express their deep appreciation to Mr. Cummins for his knowledge, expertise and purpose-driven leadership in serving Truist’s clients, teammates, communities and stakeholders during his tenure," board members said in an SEC filing on Jan. 13, 2025.

Cummins was a longtime Truist executive who was named to the newly-created position of COO in 2023. His position will not be filled.

Following Cummins’ departure, management of the enterprise payments business will transition to Kristin Lesher, Senior Executive Vice President and Chief Wholesale Banking Officer. Cummins’ remaining responsibilities, including leading teams responsible for enterprise operational services, enterprise corporate services, the strategy, transformation, and performance office and the governance and controls organization, will transition to Michael B. Maguire, Senior Executive Vice President and Chief Financial Officer.

According to the SEC filing, Cummins 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, as previously disclosed in Truist’s proxy statement for its 2024 annual shareholders meeting. He will also remain eligible for his annual cash incentive-compensation award for 2024 and receive outplacement benefits from Truist.

Truist is expected to report fourth-quarter 2024 financial results before market open on Friday, Jan. 17, 2025.