Truist Shrinks Board to Bring It Closer to Peers After Criticism

Truist Financial Corp. said eight board members are resigning, bringing the number of directors more in line with industry peers after the bank faced criticism over its governance practices.

Former Chief Executive Officer Kelly S. King, Nido Qubein, David Ratcliffe and Thomas Thompson are exiting as they reach mandatory retirement age, Charlotte, North Carolina-based Truist said Monday in a regulatory filing. Anna Cablik, Paul Donahue, Easter Maynard and Frank Scruggs, Jr. are also departing to “address other professional and personal commitments,” the bank said.

The departures, which all take effect Dec. 31, will leave Truist ...