CHARLOTTE, N.C. – Truist Financial Corporation (NYSE: NYSE:) announced today a significant change in its leadership team, with the retirement of Clarke R. Starnes III, the vice chair and chief risk officer, and the appointment of Brad Bender as his successor. Bender, a seasoned executive with two decades at Truist, steps into the role effective immediately.
Starnes, who is concluding a notable 42-year tenure at the bank, has been commended for his “steady, purpose-driven leadership” by Truist Chairman and CEO Bill Rogers (NYSE:). During his career, Starnes has held various leadership positions and played a crucial role in the company’s significant merger that led to the creation of Truist. He will continue to serve in an advisory capacity to ensure a seamless transition.
Bender, who most recently acted as interim chief information officer, brings a robust background in credit risk, policy management, and technology operations. His prior experience includes leading enterprise operational services and overseeing functions such as procurement, corporate real estate, and change execution governance. Rogers highlighted Bender’s proven leadership and comprehensive understanding of enterprise operations as vital assets for his new role as chief risk officer.
Truist, headquartered in Charlotte, North Carolina, is a top-10 U.S. commercial bank with $523 billion in assets as of September 30, 2024. The company is known for its commitment to fostering better lives and communities and holds a significant market share in several high-growth markets across the country.
The announcement of these executive changes is based on a press release statement from Truist Financial Corporation.
In other recent news, Truist Financial Corporation has reported strong financial results for the third quarter of 2024, with a GAAP net income of $1.3 billion or $0.99 per share. The adjusted earnings per share stood at $0.97, reflecting a 2.4% increase in adjusted revenue, primarily driven by investment banking and trading. The company has also declared dividends for its common and various series of preferred stock, reflecting its commitment to returning value to shareholders.
RBC Capital Markets has reiterated an Outperform rating on Truist Financial, following these robust results. The company has also launched a substantial stock repurchase program, with $500 million worth of shares already repurchased in the third quarter and plans for an additional $500 million in repurchases in the fourth quarter.
Other recent developments include the appointment of Kerry Jessani as head of mid-corporate banking, a move poised to enhance the company’s commercial banking business. Jessani, with over two decades of experience at JP Morgan, will spearhead a new team dedicated to providing industry-specific expertise and solutions to mid-sized companies across the United States.
Lastly, Truist has reported a $25 million loan loss provision related to Hurricane Helene and a projected 1.5% decrease in revenue for Q4 2024 due to lower commercial loan balances. These are the recent developments at Truist Financial Corporation.
InvestingPro Insights
As Truist Financial Corporation (NYSE: TFC) navigates this leadership transition, InvestingPro data offers valuable insights into the company’s financial health and market position. Despite recent challenges, Truist’s market capitalization stands at a robust $61.9 billion, underscoring its status as a major player in the U.S. banking sector.
An InvestingPro Tip reveals that Truist has maintained dividend payments for an impressive 52 consecutive years, demonstrating a long-standing commitment to shareholder returns. This consistency aligns with the company’s reputation for stability, as highlighted in the article’s mention of Starnes’ “steady, purpose-driven leadership.”
Another relevant InvestingPro Tip indicates that net income is expected to grow this year. This positive outlook could be partly attributed to the strategic leadership changes and Bender’s comprehensive background in risk management and operations, which may contribute to improved financial performance.
Investors should note that Truist’s Price to Book ratio stands at 1.05, suggesting the stock is trading close to its book value. This metric, combined with the company’s dividend yield of 4.46%, may be of interest to value-oriented investors looking for potential opportunities in the banking sector.
For those seeking a more comprehensive analysis, InvestingPro offers additional tips and insights that could provide a deeper understanding of Truist’s financial position and future prospects. In fact, there are 7 more InvestingPro Tips available for Truist Financial Corporation, offering a broader perspective on the company’s strengths and challenges in the current market environment.
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