01:01 PM EST, 01/13/2025 (MT Newswires) -- Truist Financial ( TFC ) said Monday that Chief Operating Officer Hugh Cummins III has resigned, effective immediately.

Cummins stepped down due to "material changes to his responsibilities by Truist following completion of several strategic initiatives," according to a regulatory filing.

Truist said Kristin Lesher, chief wholesale banking officer, will take over management of the enterprise payments business, while CFO Michael Maguire will assume Cummins' remaining duties

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