Truist Financial Chief Operating Officer Hugh “Beau” Cummins III has resigned, the company said today.
Cummins was often cited as the second-most-powerful executive at Truist behind CEO Bill Rogers. But his role changed after the sale of Truist Insurance Holdings last year and the Charlotte-based bank completed other strategic changes, the company said in an SEC filing Monday.
He had worked closely with Rogers since joining SunTrust Banks in 2005. The Atlanta-based bank merged with Winston-Salem-based BB&T in 2019. Cummins spent most of his career in SunTrust’s capital markets and wholesale banking operations, becoming the Truist vice chair in 2021 and COO in 2023.
Kristin Lesher, chief wholesale banking officer, will manage Truist’s enterprise payments business. Chief Financial Officer Michael Maguire will handle Cummins’ other duties, overseeing operational services, corporate services, strategy, transformation, performance office, and governance and controls organization.
Cummins earned the second-largest compensation at Truist in 2023, with a package valued at $6.1 million. Two years earlier, he had received total compensation of $11.7 million, including $7.78 million in stock awards.
Cummins remains eligible for his annual cash incentive-compensation award for 2024.
Cummins is a member of the Atrium Health Foundation board. He has an MBA from the University of Michigan.