Truist Financial in Charlotte, N.C., announced the departure of eight directors.
The $555 billion-asset company disclosed in a regulatory filing that four directors, including former Chairman and CEO Kelly King, were stepping down after reaching its mandatory retirement age.
Four other directors are leaving due to “other professional and personal commitment(s),” the filing said.
“Our board members have worked effectively together to oversee Truist’s successful formation and integration in a historic operating environment,” Truist Chairman and CEO Bill Rogers said in a press release.
“With that integration complete, and several strategic initiatives underway that will guide our path forward, the board remains well-positioned to shape, oversee and advance the strategic imperatives of Truist in this period of rapid industry transformation,” Rogers added.
Chris Marinac, an analyst at Janney Montgomery Scott, wrote in a client note that Truist will likely move forward with a 13-member board.
“The Truist board was unusually large given the December 2019 merger of equals between BB&T and SunTrust Banks,” Marinac wrote. “Most bank boards range from 10 to 14 in member size, often near the lower end.”