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Truist board approves compensation increases for two of its top executives

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Truist Financial Corp. said in a regulatory filing Friday that the annual base salary for Michael Maguire will be $700,000 as the bank’s chief financial officer and a Top 5 executive.

Maguire, 44, and a legacy SunTrust Banks Inc. executive, was promoted from chief consumer finance and payments officer on Thursday.

Maguire succeeds Daryl Bible as chief financial officer. Bible, 61, announced May 20 his plans to retire this year. He will serve as a consultant during a transition period of up to one year.

The Compensation and Human Capital committee of Truist’s board of directors also set Maguire’s incentive pay target at 180% of his base salary for the period of Sept. 15 to Dec. 31.

The long-term incentive compensation — including performance share units, cash long-term incentive plan awards and restricted stock units — would be increased to 380% of his base salary, effective for annual awards made in 2023.

By comparison, for fiscal 2021, Bible was paid $713,333 in base salary, up 1.9% from 2020, as well as a 32.3% jump in incentive pay to $2.63 million. Total compensation was $8.02 million.

Bible will be paid $125,000 monthly during the consulting period, as well as a lump sum of $2.75 million at the end of the consulting contract. Bible will be under non-competition and other similar restrictions for a period of 12 months after the retirement date, as well as other customary separation provisions.

The board committee also made adjustments to the annual compensation of Clarke Starnes III, chief risk officer and another Top 5 executive.

Starnes’ annual base salary was set at $760,000, effective on Sept. 15.

Starnes’ target annual cash incentive compensation has been increased to 215% of base salary for the period of Sept. 15 to Dec. 31. His target long-term incentive compensation — including performance share units, cash long-term incentive plan awards and restricted stock units — would be increased to 450% of his base salary, effective for annual awards made in 2023.

By comparison, in fiscal 2021 Starnes was paid $713,333 in base salary, incentive pay of $2.63 million, and total compensation of $9.41 million.

The board said Starnes’ increased competition is based in part on being given additional leadership responsibilities including: oversight of the corporate function responsible for procurement; third-party risk management; supplier diversity; unclaimed property and escheatment businesses; and the finance-risk data analytics office tasked with the implementation of the data management framework for Risk, Finance and ESG.

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