Truist executives gain significant boosts in 2022 compensation

It was Rogers’ first full year as chief executive, taking over for Kelly King in September 2021, as well as succeeding King as chairman in March 2022.

Rogers served as chairman and chief executive of SunTrust Banks Inc. before BB&T Corp.’s $33.4 billion megadeal for SunTrust.

Truist’s community/retail banking hub is in Winston-Salem. It is the seventh-largest U.S. commercial bank at $552.96 billion.

The bank reported Rogers’s base salary rose 5.9% to $1.2 million, along with a 21.5% increase in incentive pay to $5.19 million.

Rogers received stock awards worth $6.39 million on the date they were awarded in 2022.

In February 2017, BB&T’s board of directors disclosed a significant shift in executive compensation, eliminating stock options and putting more emphasis on tying the number of shares granted to company performance.

All other compensation totaled $446,569, which included: $310,264 in a company match of nonqualified deferred compensation; and $18,300 in a company-match 401(k) contribution.

Rogers also received $118,005 in perquisites that featured: maintenance of a residential security system and limited use of corporate aircraft valued at $108,567, and a driver for personal travel.

The bank reported the CEO pay ratio was $153-to-$1 for Rogers compared with the median employee compensation of $86,728.

For fiscal 2022, net income was $5.93 billion, down 1.8% from fiscal 2021.

Clarke Starnes III, chief risk officer and co-vice chairman, was paid $745,909 in base salary, up 4.6%. Incentive pay was $2.13 million, down 18.7%. Total compensation was $7.91 million.

Hugh Cummings III, co-vice chairman, gained a 2.6% increase in base salary to $800,000, along with a 23.2% jump in incentive pay to $2.89 million, and total compensation of $11.7 million, down 39.8%.

Daryl Bible, who retired as chief financial officer in May, received $803,333 in base salary, $1.93 million in incentive pay and $7.78 million in total compensation.

Donta Wilson, chief retail and small business banking officer, was listed for the first time. He was paid $656,250 in base salary, $1.44 million in incentive pay and total compensation of $5.33 million.

Michael Maguire, who took over as chief financial officer in September, also was listed for the first time. He was paid $576,705 in salary, $1.23 million in incentive pay and total compensation of $2.89 million.

Truist’s annual shareholder meeting will be held at 11 a.m. April 25 in the bank’s Charlotte Innovation and Technology Center.

There is one shareholder proposal on the agenda, which would require an independent chairman of the bank rather than allowing Rogers to serve as chairman and chief executive.

Truist recommends against the proposal.

A similar shareholder proposal was made at the 2020 and 2022 meetings.

During the 2022 meeting, 67% of the 1.02 billion shares represented were voted in favor of allowing one person to serve in both roles.

By comparison, during the 2020 meeting almost 45% of the 1,047 billion shares represented were cast in favor of ending the practice.

Truist disclosed in a news release that John Gregg will retire as chairman and chief executive officer of Truist Securities, Truist’s full-service corporate and investment bank, on March 31.

Tom Hackett will be promoted to those duties. He currently serves as president and chief operating officer of Truist Securities, positions he’s held since 2000.

“Tom’s purpose-driven leadership and depth of experience make him well-suited to lead our firm as we continue to leverage our range of capabilities and expertise to position our clients for success,” Truist vice chairman Beau Cummins said. “I also want to thank John for his leadership in growing Truist Securities and creating a culture that is centered around serving our clients and helping them achieve outstanding results.”

As president and chief operating officer, Hackett has been responsible for the Investment Banking, Corporate Banking, M&A, Capital Markets and Asset Finance organizations.