Summary
Truist Financial Corporation (TFC) announced a significant leadership transition on November 13, 2024, appointing Brad Bender as its new Chief Risk Officer, effective immediately. Bender, previously Head of Enterprise Operational Services and interim Chief Information Officer, brings a wealth of experience to this critical role. This appointment coincides with the retirement of Clarke R. Starnes III from his position as Chief Risk Officer and Vice Chair. Starnes will continue to support Truist in a transitional capacity as Senior Advisor until April 30, 2025, ensuring a smooth handover of responsibilities. Investors should note that while Starnes is retiring from his executive roles, he will continue to receive his current salary and remain eligible for his 2024 annual cash incentive award during his advisory tenure. Upon completion of his service as Senior Advisor, Starnes is expected to receive benefits under Truist's existing severance plan. The company has furnished a press release detailing these changes as an exhibit to this filing.
Key Highlights
- 1Brad Bender appointed as the new Chief Risk Officer of Truist Financial Corporation.
- 2Bender previously held roles as Head of Enterprise Operational Services and interim Chief Information Officer.
- 3Clarke R. Starnes III is retiring as Chief Risk Officer and Vice Chair.
- 4Starnes will serve as a Senior Advisor in a transitional capacity until April 30, 2025.
- 5Starnes will continue to receive his current base salary and remain eligible for his 2024 cash incentive during his advisory period.
- 6Upon completion of his advisory role, Starnes will be entitled to benefits under Truist's severance plan.