CHARLOTTE – Truist Financial is cutting its board of directors from 21 to 13 directs effective Dec. 31.
Four members are retiring because they’ve reached the Charlotte-based bank’s mandatory retirement age, while four others are voluntarily leaving the board.
The move follows a decline in Truist’s share price over recent years following the 2019 combination of Winston-Salem-based BB&T and Atlanta-based SunTrust Banks. Various investors have pressed for changes at the company, prompting CEO Bill Rogers to pledge action at an industry conference last month.
After recording $5 billion in charges related to the merger since 2019, Rogers said Truist would cut another $750 million in costs over the next year or two, including substantial job reductions.
Wells Fargo analyst Mike Mayo issued a blistering report in July that said Truist’s board was too old and too large compared with rivals, most of which have about 13 or 14 directors. At the time of the merger, 11 BB&T and 10 SunTrust directors joined the combined board.