01—Abstract
Summary
Summary of the 8-K filed November 13, 2024. Cited figures are marked; the original filing is the authoritative source.
Truist Financial Corporation (NYSE: TFC) disclosed in an 8-K filed November 13, 2024 a senior leadership change in its risk function.
Brad Bender, a 20-year Truist veteran who most recently served as interim Chief Information Officer and previously led enterprise operational services, was appointed Chief Risk Officer effective immediately, succeeding Clarke R. Starnes III, who retired from the CRO role and as Vice Chair after a 42-year career. Bender will lead the risk management organization, including credit, market, capital, liquidity, operational, compliance and technology risk, and will also oversee regulatory relations, ethics and financial crimes functions.
He reports to Chairman and CEO Bill Rogers and remains on the Truist Operating Council. Starnes will transition to a Senior Advisor role through April 30, 2025, continuing to receive his current base salary and remaining eligible for his 2024 annual cash incentive award. Upon completion of that service, he will be entitled to benefits under Truist's Amended and Restated Management Change of Control, Severance and Noncompetition Plan, as previously disclosed in the 2024 proxy statement.
The filing does not disclose the specific dollar amounts of these payments. For investors, this is a planned, orderly executive succession rather than a signal of financial distress.
The filing contains no financial results, guidance, or changes to Truist's operations. The most relevant considerations are continuity in risk oversight at a bank with $523 billiona in total assets as of September 30, 2024, and Bender's background in credit risk and technology operations, which the company cites as strengths for the role.
02—Key points
Key Highlights
- Brad Bender appointed Chief Risk Officer effective immediately on November 13, 2024, succeeding Clarke R. Starnes III.
- Starnes retires as Vice Chair and Chief Risk Officer after a 42-year career at the bank, having joined in 1982.
- Starnes stays on as Senior Advisor through April 30, 2025, keeping his base salary and eligibility for his 2024 annual cash incentive.
- Starnes' post-service benefits follow the Management Change of Control, Severance and Noncompetition Plan, previously disclosed in the 2024 proxy statement.
- Bender's expanded CRO remit covers credit, market, capital, liquidity, operational, compliance and technology risk, plus regulatory relations, ethics and financial crimes.
- Bender reports to Chairman and CEO Bill Rogers and continues on the Truist Operating Council.
- Truist had total assets of $523 billion as of September 30, 2024, per the company's boilerplate in the news release.
03—Questions
Frequently Asked Questions
Who is replacing Clarke Starnes as Chief Risk Officer?
Brad Bender, a 20-year Truist veteran, was appointed Chief Risk Officer effective immediately on November 13, 2024. He most recently served as interim Chief Information Officer and previously led enterprise operational services.
Is Clarke Starnes leaving Truist entirely?
No. Starnes retires as Vice Chair and CRO but remains with Truist as Senior Advisor through April 30, 2025, to support a smooth transition. After that, he is entitled to benefits under the company's change of control and severance plan.
Does this change affect Truist's financial results or guidance?
The filing contains no financial results, guidance, or operational changes. It describes a planned leadership succession in the risk function.
What is the scope of the new Chief Risk Officer's responsibilities?
Bender leads the risk management organization, overseeing credit, market, capital, liquidity, operational, compliance and technology risk. His remit also includes regulatory relations, ethics and financial crimes functions.
Does the filing disclose the cost of Starnes' transition arrangement?
No dollar amounts are disclosed. The filing says Starnes continues to receive his current base salary and remains eligible for his 2024 annual cash incentive, and it references the severance plan terms described in the 2024 proxy statement.
04—Continue