Dive Brief:
- Truist tapped Mike Maguire, its chief consumer finance and payments officer, to become its next CFO, effective Sept. 15, the bank said Wednesday.
- Maguire succeeds Daryl Bible, who announced his retirement in May and will stay with the Charlotte, North Carolina-based lender throughout a transition period.
- Maguire has a “deep understanding of the impact technology has in shaping our operating environment,” Truist CEO Bill Rogers said in a press release. “We will draw on that experience ... during this time of exciting transformation at Truist.”
Dive Insight:
In Bible, Truist loses a 14-year veteran who “played an essential role in the success” of the 2019 merger between BB&T and SunTrust that created Truist, Rogers said.
Bible joined BB&T in January 2008 as assistant CFO, according to his LinkedIn profile. By the end of that year, he had ascended to CFO, staying there until the merger and beyond. Bible had previously worked at U.S. Bank for 24 years, starting in 1983, in roles including corporate treasurer.
Maguire came to Truist from the SunTrust side. He joined the bank in 2001 and served in a handful of investment-banking roles. His focus on technology companies began in 2007, when he joined, then led, a group that offered services to clients in fintech, enterprise software and health care IT.
Maguire became chief consumer finance and payments officer when the 2019 merger took effect.
Rogers described Maguire as “strategic and purpose-driven” — two qualities that no doubt align with Truist’s growth goals. The announcement of Maguire’s elevation comes just one day after the bank said it planned to buy insurance premium finance company BankDirect Capital Finance, a business valued at $3.4 billion, from Texas Capital Bancshares.
That marked just the latest in a string of niche acquisitions Truist has made this year, including the gamified finance app Long Game and a data governance platform from tech firm Zaloni.
