Summary
Truist Financial Corporation (TFC) filed an 8-K on March 30, 2022, detailing a compensation adjustment for its Vice Chair, Hugh S. Cummins III, effective March 28, 2022. This adjustment reflects his expanded responsibilities, notably his leadership of the Corporate Development Group, which encompasses Truist Ventures and the Integrated Relationship Management team. Specifically, Mr. Cummins' target annual cash incentive compensation opportunity has been increased to 255% of his base salary for the 2022 plan year. Furthermore, his target long-term incentive compensation, including performance share units, cash long-term incentive plan awards, and restricted stock units, has been revised to 585% of his base salary. This revised target will be considered for future long-term incentive awards scheduled for early 2023. The filing indicates no other significant executive departures or appointments, focusing primarily on this compensation update.
Key Highlights
- 1Compensation adjustment for Vice Chair Hugh S. Cummins III announced.
- 2Increase in Mr. Cummins' target annual cash incentive compensation to 255% of base salary for the 2022 plan year.
- 3Revised target for long-term incentive compensation for Mr. Cummins set at 585% of base salary.
- 4Compensation adjustment is in recognition of Mr. Cummins' expanded responsibilities.
- 5Expanded responsibilities include leadership of Corporate Development Group, Truist Ventures, and Integrated Relationship Management team.
- 6Long-term incentive adjustments will be considered in awards made in early 2023.