Summary
This 8-K filing from BB&T Corporation (the registrant, which was later to become part of Truist Financial Corp) on June 24, 2009, primarily announces a change in its Board of Directors. The key event is the election of Thomas E. Skains as a director, effective June 23, 2009. Mr. Skains has also been appointed to serve on the Compensation Committee and the Nominating and Corporate Governance Committee. From an investor's perspective, this filing signifies a board-level change rather than a material financial event. The company states there are no related-person transactions with Mr. Skains. His compensation as a non-management director will align with that of other board members, as detailed in the company's 2009 proxy statement. The filing also includes a press release as an exhibit detailing this appointment.
Key Highlights
- 1BB&T Corporation elected Thomas E. Skains as a new director to its Board of Directors.
- 2Mr. Skains' appointment was effective as of June 23, 2009.
- 3He has been appointed to serve on two key committees: the Compensation Committee and the Nominating and Corporate Governance Committee.
- 4The company has confirmed no related-person transactions with Mr. Skains.
- 5Mr. Skains will receive compensation consistent with other non-management directors.
- 6The filing is accompanied by a press release announcing the director's election.
- 7This event is classified under Item 5.02 of Form 8-K, pertaining to departures or elections of directors and officers.