Summary
This 8-K filing by BB&T Corporation (now Truist Financial Corp) on September 3, 2009, primarily reports a change in its corporate controller. Edward D. Vest is stepping down from the Corporate Controller role due to health reasons but will continue with the company in a new capacity focused on financial reporting, analysis, systems, and controls. Cynthia B. Powell, who has been with BB&T since 2002 and previously served as Assistant Controller, has been appointed to succeed Mr. Vest as the new Corporate Controller. The filing confirms no related party transactions with Ms. Powell and that any credit extensions were on standard terms.
Key Highlights
- 1Cynthia B. Powell appointed as BB&T's new Corporate Controller.
- 2Edward D. Vest steps down as Corporate Controller for health reasons.
- 3Edward D. Vest will remain with BB&T in a senior financial executive role.
- 4Ms. Powell has been with BB&T since 2002, previously serving as Assistant Controller.
- 5The company confirmed no related party transactions with Ms. Powell.
- 6Credit extensions to Ms. Powell were made on standard, arm's-length terms.
Frequently Asked Questions
Edward D. Vest is stepping down from the Corporate Controller position due to health reasons.
No, Mr. Vest will continue to work for BB&T in a new role as a senior financial executive, focusing on financial reporting and analysis, systems, and controls.
Cynthia B. Powell has been appointed as the new Corporate Controller. She is 40 years old and has been with BB&T since May 2002, having previously served as Assistant Controller and manager of financial reporting.
The filing explicitly states that BB&T has determined there are no related party transactions with Ms. Powell that would require disclosure under Item 404(a) of Regulation S-K. Any credit extended to her was in the ordinary course of business on terms comparable to those for unrelated parties.