Truist names Mike Maguire as chief financial officer

Rhea-AI Summary

Truist Financial Corporation (NYSE: TFC) has appointed Mike Maguire as the new chief financial officer (CFO), effective Sept. 15, 2022. He takes over from Daryl Bible, who announced his retirement in May and will assist during the transition. Maguire is a strategic leader with extensive experience in consumer finance and payments, overseeing various businesses like LightStream and Service Finance. This leadership change occurs as Truist navigates a transformative phase, reaffirming its commitment to enhancing community and client experiences.

Positive

• Mike Maguire's appointment brings extensive experience in consumer finance and payments.
• Maguire's leadership is expected to enhance Truist's strategic direction during a transformative period.

Negative

• Daryl Bible's retirement may lead to transitional challenges as new leadership takes over.

CHARLOTTE, N.C., Sept. 7, 2022 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced that Mike Maguire, Truist's chief consumer finance and payments officer, has been named chief financial officer (CFO) effective Sept. 15. Maguire succeeds current Truist CFO Daryl Bible, whose retirement was announced in May and who will remain at Truist during a transition period.

Maguire will continue to serve as a member of Truist's executive leadership team reporting to Chairman and Chief Executive Officer Bill Rogers and will oversee accounting, tax, treasury, financial planning and analysis, investor relations and other responsibilities from the bank's Charlotte, North Carolina, headquarters.

"Mike is a strategic and purpose-driven leader with an exceptional depth of experience across our enterprise and a deep understanding of the impact technology has in shaping our operating environment. We will draw on that experience as Mike assumes his new role during this time of exciting transformation at Truist," said Rogers.

In his current role, Maguire leads Truist's consumer finance and payments businesses, including LightStream, Service Finance, Sheffield Financial, Dealer Retail Services and its student loan unit. In addition, he is responsible for the enterprise payments strategy group and wholesale payments businesses including treasury solutions, merchant services and commercial card.

Prior to this role, Maguire served as the head of enterprise partnerships and investments leading the sourcing, execution and management of strategic equity investments in the financial technology sector at a Truist predecessor. Before that, he led the technology and services investment banking group for Truist Securities.

"Our teammates, clients, investors and communities are excited by Truist's purpose and potential, and I look forward to serving them as CFO," said Maguire.

Reiterating his thanks to Truist's current CFO Daryl Bible, Rogers said, "Daryl has played an essential role in the success of our merger, and his many years of experienced leadership and service to clients and teammates has helped Truist fulfill its purpose to inspire and build better lives and communities in the markets we serve."

About Truist

Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $545 billion as of June 30, 2022. Truist Bank, Member FDIC. Learn more at Truist.com.

 

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SOURCE Truist Financial Corporation

FAQ

Who has been appointed as the new CFO of Truist Financial Corporation?

Mike Maguire has been appointed as the new CFO of Truist Financial Corporation effective Sept. 15, 2022.

When will Mike Maguire officially start his role as CFO at TFC?

Mike Maguire will officially start his role as CFO on Sept. 15, 2022.

What experience does Mike Maguire bring to his role as CFO of TFC?

Mike Maguire brings extensive experience in consumer finance and payments, having previously led several businesses within Truist.

Who is succeeding as CFO at Truist Financial Corporation?

Mike Maguire is succeeding Daryl Bible as the CFO at Truist Financial Corporation.

What significant roles did Mike Maguire hold prior to becoming CFO at TFC?

Prior to becoming CFO, Mike Maguire led Truist's consumer finance and payments businesses and served as head of enterprise partnerships and investments.