Truist Financial Corporation Leadership Transition

William H. Rogers, Jr. will retire as CEO and President of Truist Financial Corporation effective September 1, 2026, after over 40 years of service. He will transition to Executive Chair until the company's 2027 annual shareholder meeting. Michael P. Lyons will succeed Rogers as CEO and President. Lyons brings extensive experience from leadership roles at Fiserv, Inc., The PNC Financial Services Group, and Bank of America. The transition includes detailed compensation packages for both executives, with specific terms for base salary, incentive awards, and long-term incentives. Rogers will continue to receive his current salary through 2026 and a reduced salary in 2027, along with eligibility for incentive and long-term awards. Lyons will receive a base salary of $1.3 million, with target incentive compensation of at least 325% of his base salary for 2026, and a $12 million long-term incentive award. The company has also detailed severance packages and restrictive covenants for both executives. A press release dated June 15, 2026, announced these changes.