Truist promotes its consumer finance chief to CFO role

Truist Financial in Charlotte, North Carolina, has named its next chief financial officer.

Mike Maguire, who currently leads the $545 billion-asset company's consumer finance and payments businesses, will be promoted to CFO on Sept. 15, Truist announced Wednesday.

Maguire will succeed Daryl Bible, who began his tenure as finance chief in December 2019 and announced his retirement plans in May. Bible, who was a central figure in the merger between BB&T and SunTrust Banks that created Truist, will remain at the company during a transition period.

Bloomberg/Truist

In his new role as CFO, Maguire will be in charge of accounting, tax, treasury, financial planning and analysis, investor relations and other duties, the company said. Already a member of the executive leadership team, he will continue to report to CEO Bill Rogers.

Maguire has "a deep understanding of the impact technology has in shaping our operating environment," Rogers said in a press release announcing the promotion. "We will draw on that experience as Mike assumes his new role during this time of exciting transformation at Truist."

Maguire, who is 44, will be based in Charlotte. He began his career in 2001 as an investment banker at SunTrust Robinson Humphrey, the former investment banking division of SunTrust. That division has since merged with BB&T Capital Markets to become Truist Securities, the company's corporate and investment banking arm.

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Maguire spent 17 years in a variety of roles at SunTrust Robinson Humphrey, including head of the technology and services investment banking group. Before the BB&T-SunTrust merger, he led SunTrust's enterprise partnerships and investments division.

Since the merger was finalized in late 2019, Maguire has been overseeing Truist's consumer finance and payments division, which includes businesses such as LightStream, a medical loan provider; Service Finance, a home improvement lender that Truist acquired last year; and Detail Retail Services, Truist's indirect prime auto finance company.

Bible joined BB&T in 2008 and became its CFO the following year, working alongside longtime CEO Kelly King, who retired last year. Truist has not publicly announced Bible's retirement date.