Summary
Truist Financial Corporation (TFC) filed an 8-K on October 26, 2021, primarily announcing a change in its Board of Directors and a related amendment to its bylaws. Paul R. Garcia, a long-standing director, has retired from the Board effective October 26, 2021, to pursue other opportunities. His departure is amicable and not due to any disagreements with the company. The Board expressed gratitude for his contributions to Truist and its predecessor, SunTrust Banks, Inc. The company also amended its Amended and Restated Bylaws to remove a restriction that had fixed the number of directors at 22 until the third anniversary of the BB&T-SunTrust merger. Following Mr. Garcia's resignation, the Board's size has been reduced from 22 to 21 directors. This change in board size and composition is effective immediately.
Key Highlights
- 1Director Paul R. Garcia retired from the Board of Directors as of October 26, 2021.
- 2Mr. Garcia's retirement is to pursue other opportunities and is not due to any disagreements with Truist.
- 3Truist's Board of Directors approved an amendment to its Amended and Restated Bylaws.
- 4The bylaw amendment removes a restriction that fixed the board size at 22 directors until the third anniversary of the BB&T-SunTrust merger.
- 5Effective upon Mr. Garcia's resignation, the size of the Board of Directors was reduced from 22 to 21 members.
- 6The company expressed appreciation for Mr. Garcia's service and contributions.