By Ben Glickman and Colin Kellaher

Truist Financial on Monday named Michael Lyons its next chief executive effective Sept. 1, setting up new leadership at a major regional lender that has underperformed its peers.

Lyons, 55 years old, joins from financial-technology company Fiserv, where he served as CEO since May 2025. He previously held a long tenure at PNC Financial Services Group, ultimately serving as its president and a top lieutenant to CEO Bill Demchak.

Truist shares were down more than 2% in morning trading.

Truist, based in Charlotte, N.C., was formed in 2019 by BB&T's blockbuster $28.2 billion acquisition of SunTrust Banks. The merger was intended to position the bank to compete with the biggest lenders, but its revenue growth and profitability have lagged behind expectations.

Shares of Truist are up 2% to 3% from the day prior to the merger, excluding dividends paid out to shareholders, according to RBC Capital Markets analysts. The KBW Nasdaq Bank index has nearly doubled in that time.

Bill Rogers has served as Truist CEO since 2021 and will transition to executive chair of the bank before retiring in April.

Truist said in a regulatory filing that Lyons will be awarded $2.7 million in cash to compensate for lost earnings from Fiserv, alongside more than $37 million in stock. He will have an initial base salary of $1.3 million, with an annual target bonus worth no less than $4.2 million.

Fiserv on Monday named Takis Georgakopoulos, co-president of the company, as CEO effective immediately. Georgakopoulos previously led payments in JPMorgan Chase's corporate and investment bank.

Fiserv shares fell nearly 7%.

Write to Ben Glickman at ben.glickman@wsj.com and Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

June 15, 2026 11:13 ET (15:13 GMT)

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