Truist names outsider as new CEO. The executive had a key role at Bank of America
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’s leadership succession strategy.
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.
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,
The Charlotte-based bank said Lyons “has a proven track record of driving growth and competitive innovation in the banking industry.”
Truist is one of Charlotte’s 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.
Rogers expressed confidence in Lyons to move Truist forward with “purpose and care, and a sense of urgency to realize our potential.
“It has been the professional privilege of my lifetime to lead Truist and to work alongside truly extraordinary team,” Rogers said.
During Truist’s quarterly earnings call in April, Rogers scoffed at a Bloomberg report that the bank could potentially be a target for an acquisition by Citi. “We feel great about our business, and we feel great about the trajectory that we’re establishing,” Rogers said, Banking Dive reported at the time.
Also during that call, an analyst asked Rogers about his timeline as CEO. He responded, according to Banking Dive, “I’ve got a great job leading a great purpose-led company.”
About the new Truist CEO, Michael Lyons
Lyons was Fiserv’s 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.
Lyons had joined Fiserv that January as president and CEO-elect.
Before Fiserv, Lyons was president of The PNC Financial Services Group, where he led all of PNC’s 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.
“I couldn’t be more excited to join the bank as CEO to apply my leadership experience and vision to drive the next phase of Truist’s growth, cementing its position as a bank of choice for clients and creating value in the communities we serve,” Lyons said in statement Monday. “I also want to express my gratitude to Bill (Rogers) for the company and culture he has built.”
Fiserv announced the company’s immediate leadership change on Monday, naming Takis Georgakopoulos as CEO and member of the board of directors with Lyons’ departure.
“We appreciate Mike’s leadership during an important period for the company,” Gordon Nixon, chairman of the Fiserv board of directors said in a statement. “On behalf of the board, we wish him all the best in his new role.”
Lyons resigned on Friday from Fiserv, which was "not the result of any disagreement with the company on any matter relating to the company’s operations, policies or practices,” according to Fiserv’s 8K report filed Monday with SEC.
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.
Fiserv official declined a request for comment about Lyons’ departure on Monday.
Analysts weigh in on Truist leadership change
Banking analysts quickly weighed in on the Truist CEO announcement Monday.
In a published note, UBS analyst Erika Najarian said while Lyons will be a welcomed outsider, “such a CEO change usually comes with cultural and (management) upheaval near-term,” she wrote, adding that Truist is “also more likely to stay independent.”
Christopher McGratty, head of U.S. Bank Research at Keefe, Bruyette & Woods, noted that the Lyons’ announcement shouldn’t be surprising, since succession planning has been entering conversations for Truist.
“We 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’s) next stage of growth,” McGratty added.
Bank of America Securities analyst Ebrahim Poonawala was not surprised by the Monday announcement.
Over the last few weeks, there had been an expectation that there would be a transition, especially with Rogers approaching retirement age.
“ There weren’t too many internal candidates who are obvious candidates,” he said during an interview with The Charlotte Observer. “So the fact that they announced an external hire as CEO is not a surprise.”
Poonawala said the bank is a good fit for Lyons. “I think Mike is someone who is held in high regard by bank investors given his tenure at PNC.”
With Lyons being named the incoming CEO, Poonawala believes the likelihood of a takeover or sale is very low.
“You’re at least going to give yourself a few years to give it a real shot of turning this around and getting this bank to start operating at its kind of full potential,” Poonawala said. “Never say never, but I think the probability (of a merger or a takeover) is extremely low in the near term.”
Compensation details for Truist CEO Bill Rogers
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.
The bank’s transition letter with Rogers set out the terms and conditions of his transition to executive chair and his retirement.
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’ total compensation package as Truist CEO in 2025 was $14.3 million, according to the bank’s annual proxy statement.
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’s 2027 annual shareholders’ meeting.
Compensation details for incoming Truist CEO Michael Lyons
Also on Friday, an offer letter between Truist and Lyons set out the terms and condition of his employment.
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.
Lyons’ long-term initial incentive package this year is valued at $12 million, and he is guaranteed a minimum of $12 million next year.
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.
Lyons will be provided with corporate security and is required to use corporate aircraft for all business and personal travel, according to the agreement.
He will participate in the company’s 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.
Lyons’ 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’s annual proxy statement filed in April.
About Truist Bank
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.
Rogers, who was formerly SunTrust’s CEO, became Truist’s 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.
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.
As part of Truist’s restructuring, the bank began expanding its commercial and corporate banking sectors this summer with several new hires and employee appointments.
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.
Observer Business Editor Adam Bell contributed to this report
This story was originally published June 15, 2026 at 8:25 AM with the headline "Truist names outsider as new CEO. The executive had a key role at Bank of America."
