Kelly King
Kelly King | |
|---|---|
| Born | Kelly S. King September 12, 1948 Raleigh, North Carolina, U.S. |
| Education | East Carolina University (BBA, MBA) Rutgers University (Stonier Graduate School of Banking) |
| Occupations |
|
| Years active | 1972–2022 |
| Known for | Chairman and CEO of Truist Financial; CEO of BB&T |
Kelly S. King (born September 12, 1948) is a retired American banking executive who served as Chairman and CEO of Truist Financial, formed through the 2019 merger of BB&T and SunTrust Banks. He previously served as Chairman and CEO of BB&T Corporation from 2009 to 2019. Over a 49-year career with BB&T and Truist, King held numerous leadership roles and is credited with guiding BB&T through the 2008 financial crisis and orchestrating one of the largest bank mergers in American history.
Early life and education
[edit]King was born on September 12, 1948, in Raleigh, North Carolina.[1] He grew up in a family of modest means, working on his family's tobacco farm in Zebulon, east of Raleigh, during his childhood.[2] During high school, he worked as a salesman selling clothing and vacuums.[3]
King earned a Bachelor of Business Administration and a Master of Business Administration from East Carolina University in Greenville, North Carolina.[4] He subsequently attended the Stonier Graduate School of Banking at Rutgers University in Newark, New Jersey, where his thesis on leadership later became known as the Truist Leadership Model.[5]
Career
[edit]BB&T Corporation
[edit]King joined BB&T's Management Development Program in 1972, beginning a career that would span nearly five decades.[6] Over the course of his tenure at BB&T, he held a wide range of leadership positions, including manager of the Central and Metropolitan regions, Raleigh city executive, Charlotte business services manager, Statesville consumer lending manager, and banking manager for BB&T's branch network.[1]
He served as President of BB&T Corporation from 1996 to June 2004, and as Chief Operating Officer of both BB&T Corporation and Branch Banking and Trust Company from June 2004 to December 2008.[7]
In January 2009, King was named President and CEO of BB&T Corporation and Chairman and CEO of Branch Banking and Trust Company, succeeding John Allison.[2] He became Chairman of BB&T Corporation in January 2010.[4] King is credited with leading BB&T to continued profitability and financial stability during the 2008 financial crisis, and BB&T was among the first institutions to repay TARP funds.[8]
In January 2009, King was also named a director of the Federal Reserve Bank of Richmond.[1] He served on the Federal Advisory Council of the Federal Reserve System from 2013 to 2016, and served as its president in 2016.[6]
In December 2012, BB&T announced the elimination of a provision in King's contract that would have required him to step down at age 65, effectively extending his tenure as CEO.[9]
King established the BB&T Leadership Institute, a program aimed at providing leadership development and consultation to corporate executives, business owners, and education leaders.[7] He also founded the BB&T Lighthouse Project, an annual employee volunteer initiative that, since 2009, has resulted in more than 640,000 volunteer hours across over 11,000 community service projects.[7]
Truist Financial
[edit]In 2019, regulators approved the merger of equals between BB&T and SunTrust Banks, creating Truist Financial — at the time one of the largest bank mergers in U.S. history.[10] In December 2019, King became Chairman and CEO of Truist Financial Corporation, with the company relocating its headquarters to Charlotte, North Carolina.[11]
King retired as CEO of Truist in September 2021, with William Rogers Jr., the company's president and chief operating officer, succeeding him.[11] King remained as Executive Chairman of the Truist board until his full retirement in March 2022, concluding a 49-year career with BB&T and Truist.[5]
Post-retirement
[edit]Following his retirement, King became a Senior Advisor to KSK Investors, a Charlotte-based investment firm focused on the financial sector, working alongside his son Ken King.[5][2]
Board memberships and civic roles
[edit]Throughout his career, King served on numerous corporate and civic boards, including:
- Board member of the Federal Reserve Bank of Richmond (2009–2012)[6]
- President of the Federal Advisory Council of the Federal Reserve System (2016)[6]
- Board member of The Clearing House (from 2009)[6]
- Chairman of the North Carolina Bankers Association board[4]
- Chairman of the North Carolina Rural Economic Center[4]
- Chairman of the North Carolina Small Business and Technology Development Center[4]
- Chairman of the Board of Visitors, East Carolina University[4]
- Chairman of the Piedmont Triad Partnership[8]
- Vice Chairman of the American Bankers Council[8]
- Board member of BEST NC, Foundation for the Carolinas, Charlotte Executive Leadership Council, and the Bank Policy Institute[8]
Recognition and awards
[edit]King received numerous awards and honors throughout his career:
- Named one of SNL Financial's Top 5 Most Influential in the Banking Industry (2014 and 2015)[7]
- Named "Banker of the Year" by American Banker magazine (2015)[12]
- Named one of BankInfoSecurity's "Top 10 Influencers in Banking InfoSec" (2015)[7]
- Old Hickory Council Distinguished Citizen Award (2016)[8]
- Inducted into the North Carolina Business Hall of Fame (2018)[13]
- Named "Power Players 2019" by the Triad Business Journal (2019)[14]
- Inducted into the North Carolina Banking Hall of Fame (2021)[5]
- Named Businessperson of the Year by Charlotte Business Journal (2021)[5]
Personal life
[edit]King is a resident of North Carolina and is Christian.[15]
References
[edit]- 1 2 3 "BB&T – Company Information". Archived from the original on February 22, 2012. Retrieved March 2, 2010.
- 1 2 3 "Power list interview: Former Truist CEO Kelly King discusses leadership and happiness". Business North Carolina. March 31, 2023. Retrieved May 1, 2026.
- ↑ Berman, Nat (March 8, 2019). "10 Things You Didn't Know About BB&T Corp CEO Kelly King". Money Inc. Retrieved July 4, 2019.
- 1 2 3 4 5 6 "Kelly S. King Bio". National Association of Corporate Directors. Retrieved May 1, 2026.
- 1 2 3 4 5 "Kelly King". KSK Investors. Retrieved October 1, 2024.
- 1 2 3 4 5 "Kelly King". Bank Policy Institute. Retrieved May 1, 2026.
- 1 2 3 4 5 "Kelly King". Consumer Bankers Association. Retrieved May 1, 2026.
- 1 2 3 4 5 "Kelly King – Chairman @ Truist Financial". Finnotes. Retrieved May 1, 2026.
- ↑ "BB&T gives Kelly King three more years as CEO". American Banker. December 21, 2012. Retrieved March 1, 2013.
- ↑ Chemtob, Danielle (November 19, 2019). "BB&T, SunTrust deal receives final approval from regulators for $66 billion merger". The Charlotte Observer. Archived from the original on November 20, 2019.
- 1 2 "Truist Begins Leadership Transition As Longtime Exec Kelly King Retires". WFDD. September 13, 2021. Retrieved May 1, 2026.
- ↑ "Banker of the Year: BB&T's Kelly King". American Banker. December 21, 2015. Retrieved July 4, 2019.
- ↑ "Financial Leaders Inducted into North Carolina Business Hall of Fame". Premier Inc. Retrieved May 1, 2026.
- ↑ "Power Players 2019: Kelly King". Triad Business Journal. October 30, 2019. Retrieved May 2, 2023.
- ↑ "Once and future King". Business North Carolina. October 25, 2011. Retrieved July 4, 2019.