Management ChangeJun 15, 2026, 08:12 AM
Truist Names Michael Lyons CEO; Bill Rogers to Executive Chair
AI Summary
Truist Financial Corporation announced a leadership transition, with William H. Rogers, Jr. retiring as CEO and President effective September 1, 2026, after over 40 years of service. Mr. Rogers will transition to Executive Chair until his planned retirement in April 2027. Michael P. Lyons, formerly CEO of Fiserv, Inc. and President of The PNC Financial Services Group, will succeed Mr. Rogers as CEO and President, effective September 1, 2026. The company detailed compensation arrangements for both executives, including base salaries, annual incentive performance awards, and long-term incentive awards.
Key Highlights
- William H. Rogers, Jr. will retire as CEO and President of Truist effective September 1, 2026.
- Mr. Rogers will serve as Executive Chair until the Corporation's annual meeting in 2027, then retire in April 2027.
- Michael P. Lyons is appointed CEO and President of Truist, effective September 1, 2026.
- Mr. Lyons previously served as CEO of Fiserv, Inc. and President of The PNC Financial Services Group.
- Mr. Rogers' 2027 base salary will be $1,000,000 and he is eligible for an $8,500,000 LTI award.
- Mr. Lyons' initial annual base salary is $1,300,000 with a target 2026 AIP award of no less than 325% of base salary.
- Mr. Lyons will receive a 2026 LTI award of $12,000,000 and replacement awards totaling $2,700,000 cash and $28,200,000 in LTI.
Price Impact
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