{"id":7322,"date":"2026-06-15T21:02:12","date_gmt":"2026-06-15T21:02:12","guid":{"rendered":"https:\/\/sandiegorelocationnews.com\/index.php\/2026\/06\/15\/truist-names-outsider-as-new-ceo-the-executive-had-a-key-role-at-bank-of-america\/"},"modified":"2026-06-15T21:02:12","modified_gmt":"2026-06-15T21:02:12","slug":"truist-names-outsider-as-new-ceo-the-executive-had-a-key-role-at-bank-of-america","status":"publish","type":"post","link":"https:\/\/sandiegorelocationnews.com\/index.php\/2026\/06\/15\/truist-names-outsider-as-new-ceo-the-executive-had-a-key-role-at-bank-of-america\/","title":{"rendered":"Truist names outsider as new CEO. The executive had a key role at Bank of America"},"content":{"rendered":"
<\/p>\n

Truist bank named a new president and CEO Monday: Michael Lyons, effective Sept. 1. He will replace Bill Rogers, who will become executive chair when Lyons takes over as part of Truist\u2019s leadership succession strategy.<\/p>\n

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<\/p>\n

Rogers, 68, will serve as executive chair until his planned retirement in April 2027. Lyons, 55, will become just the third CEO in Truist history.<\/p>\n

<\/p>\n

Lyons stepped down Monday as CEO of Fiserv Inc., a payments and financial services technology company based in Milwaukee, Wisconsin, to become CEO of Truist, according to the fintech company. Lyons is also a former PNC and Bank of America executive with over three decades of financial services experience,<\/p>\n

<\/p>\n

The Charlotte-based bank said Lyons \u201chas a proven track record of driving growth and competitive innovation in the banking industry.\u201d<\/p>\n

<\/p>\n

Truist is one of Charlotte\u2019s Big 3 banks, along with Bank of America and Wells Fargo. Truist employs more than 3,000 workers in the Charlotte area, part of around 40,000 people companywide.<\/p>\n

<\/p>\n

Rogers expressed confidence in Lyons to move Truist forward with \u201cpurpose and care, and a sense of urgency to realize our potential.<\/p>\n

<\/p>\n

\u201cIt has been the professional privilege of my lifetime to lead Truist and to work alongside truly extraordinary team,\u201d Rogers said.<\/p>\n

<\/p>\n

During Truist\u2019s quarterly earnings call in April, Rogers scoffed at a Bloomberg report that the bank could potentially be a target for an acquisition by Citi. \u201cWe feel great about our business, and we feel great about the trajectory that we\u2019re establishing,\u201d Rogers said, Banking Dive reported at the time.<\/p>\n

<\/p>\n

Also during that call, an analyst asked Rogers about his timeline as CEO. He responded, according to Banking Dive, \u201cI\u2019ve got a great job leading a great purpose-led company.\u201d<\/p>\n

<\/p>\n

About the new Truist CEO, Michael Lyons<\/h2>\n

<\/p>\n

Lyons was Fiserv\u2019s CEO for a little more than a year. He was named to that post in May 2025, soon after the prior CEO, Frank Bisignano, was confirmed by the Senate to run the Social Security Administration.<\/p>\n

<\/p>\n

Lyons had joined Fiserv that January as president and CEO-elect.<\/p>\n

<\/p>\n

Before Fiserv, Lyons was president of The PNC Financial Services Group, where he led all of PNC\u2019s lines of business. He worked there for 13 years and earlier worked as global head of corporate development, strategic planning, investor relations and private equity at Bank of America.<\/p>\n

<\/p>\n

\u201cI couldn\u2019t be more excited to join the bank as CEO to apply my leadership experience and vision to drive the next phase of Truist\u2019s growth, cementing its position as a bank of choice for clients and creating value in the communities we serve,\u201d Lyons said in statement Monday. \u201cI also want to express my gratitude to Bill (Rogers) for the company and culture he has built.\u201d<\/p>\n

<\/p>\n

Fiserv announced the company\u2019s immediate leadership change on Monday, naming Takis Georgakopoulos as CEO and member of the board of directors with Lyons\u2019 departure.<\/p>\n

<\/p>\n

\u201cWe appreciate Mike\u2019s leadership during an important period for the company,\u201d Gordon Nixon, chairman of the Fiserv board of directors said in a statement. \u201cOn behalf of the board, we wish him all the best in his new role.\u201d<\/p>\n

<\/p>\n

Lyons resigned on Friday from Fiserv, which was “not the result of any disagreement with the company on any matter relating to the company\u2019s operations, policies or practices,\u201d according to Fiserv\u2019s 8K report filed Monday with SEC.<\/p>\n

<\/p>\n

Georgakopoulos, 56, was appointed to his new role on Sunday, June 14, 2026. He was promoted from co-president with total compensation package of $13.9 million with a $1 million base pay.<\/p>\n

<\/p>\n

Fiserv official declined a request for comment about Lyons\u2019 departure on Monday.<\/p>\n

<\/p>\n

Analysts weigh in on Truist leadership change<\/h2>\n

<\/p>\n

Banking analysts quickly weighed in on the Truist CEO announcement Monday.<\/p>\n

<\/p>\n

In a published note, UBS analyst Erika Najarian said while Lyons will be a welcomed outsider, \u201csuch a CEO change usually comes with cultural and (management) upheaval near-term,\u201d she wrote, adding that Truist is \u201calso more likely to stay independent.\u201d<\/p>\n

<\/p>\n

Christopher McGratty, head of U.S. Bank Research at Keefe, Bruyette & Woods, noted that the Lyons\u2019 announcement shouldn\u2019t be surprising, since succession planning has been entering conversations for Truist.<\/p>\n

<\/p>\n

\u201cWe view the hiring of Mr. Lyons as a positive given his strong background as both a public CEO and as a top banking executive of a large and highly profitable peer bank, whereby he can leverage that expertise to help drive (Truist\u2019s) next stage of growth,\u201d McGratty added.<\/p>\n

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<\/p>\n

Compensation details for Truist CEO Bill Rogers<\/h2>\n

<\/p>\n

On June 12, Truist finalized terms for a leadership transition including outlining salary and incentive plans, according to documents filed with the U.S. Securities and Exchange Commission on Monday.<\/p>\n

<\/p>\n

The bank\u2019s transition letter with Rogers set out the terms and conditions of his transition to executive chair and his retirement.<\/p>\n

<\/p>\n

Rogers will continue to receive his current base salary of $1.2 million through the end of the year, then move to an annual base salary of $1 million next year until his retirement. Rogers\u2019 total compensation package as Truist CEO in 2025 was $14.3 million, according to the bank\u2019s .<\/p>\n

<\/p>\n

Rogers also is eligible for an $8.5 million 2027 long-term incentive award, based on stock performance and serving as executive chair through the company\u2019s 2027 annual shareholders\u2019 meeting.<\/p>\n

<\/p>\n

Compensation details for incoming Truist CEO Michael Lyons<\/h2>\n

<\/p>\n

Also on Friday, an offer letter between Truist and Lyons set out the terms and condition of his employment.<\/p>\n

<\/p>\n

Lyons will receive an annual base salary of $1.3 million. His annual incentive plan for short-term performance this year is set at 325% of his base salary, which equals $4.225 million, and is tied to his success in achieving specific company or individual goals.<\/p>\n

<\/p>\n

Lyons\u2019 long-term initial incentive package this year is valued at $12 million, and he is guaranteed a minimum of $12 million next year.<\/p>\n

<\/p>\n

To offset compensation forfeited from his previous employer Fiserv, Lyons will receive $2.7 million in cash and about $37.5 million in equity and stock awards, to be distributed across performance periods through 2028, according to the SEC 8K filing.<\/p>\n

<\/p>\n

Lyons will be provided with corporate security and is required to use corporate aircraft for all business and personal travel, according to the agreement.<\/p>\n

<\/p>\n

He will participate in the company\u2019s executive severance plan, which provides for cash severance equal to two times base salary and target bonus upon involuntary termination, or three times that amount if termination occurs within 24 months following a change in control.<\/p>\n

<\/p>\n

Lyons\u2019 total compensation at Fiserv for last year was $70.3 million, including a base salary of $1.21 million, in addition to a bonus, other compensation and nearly $56 million in stock awards, according to Fiserv\u2019s annual proxy statement filed in April.<\/p>\n

<\/p>\n

About Truist Bank<\/h2>\n

<\/p>\n

Truist was formed in December 2019 with the $66 billion merger of BB&T based in Winston-Salem and SunTrust Banks in Atlanta. The bank chose Charlotte for its new headquarters.<\/p>\n

<\/p>\n

Rogers, who was formerly SunTrust\u2019s CEO, became Truist\u2019s second CEO in September 2021. Kelly King, a former BB&T CEO, stepped down but remained chairman of the board. The switch was not a surprise as the two leaders had agreed on the arrangement while negotiating the merger, The Charlotte Observer reported at the time.<\/p>\n

<\/p>\n

By 2022, Truist opened its first branch in uptown Charlotte in the same building as its headquarters at 214 N. Tryon St., and converted existing SunTrust and BB&T branches to Truist.<\/p>\n

<\/p>\n

As part of Truist\u2019s restructuring, the bank began expanding its commercial and corporate banking sectors this summer with several new hires and employee appointments.<\/p>\n

<\/p>\n

Truist is the ninth-largest bank in the U.S., according to the Federal Reserve. The bank had $549 billion in total assets as of March 31. It has over 1,900 bank branches in 17 states, primarily in the Southeast as well as in Indiana, Maryland, New Jersey, Ohio and Pennsylvania.<\/p>\n

<\/p>\n

Observer Business Editor Adam Bell contributed to this report<\/i><\/p>\n

<\/p>\n

This story was originally published June 15, 2026 at 5:25 AM<\/span> with the headline “Truist names outsider as new CEO. The executive had a key role at Bank of America.” <\/span><\/p>\n

Read more B-52 crashes after takeoff at Edwards Air Force Base in Southern California<\/a><\/p>\n

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