Kelly S. King (born September 12, 1948 in

Raleigh Raleigh (; ) is the capital city of the state of North Carolina and the seat of Wake County in the United States. It is the second-most populous city in North Carolina, after Charlotte. Raleigh is the tenth-most populous city in the Southeas ...

North Carolina North Carolina () is a state in the Southeastern region of the United States. The state is the 28th largest and 9th-most populous of the United States. It is bordered by Virginia to the north, the Atlantic Ocean to the east, Georgia and So ...

) is Executive Chairman of

Truist Financial Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. The company was formed in December 2019 as the result of the merger of BB&T (Branch Banking and Trust Company) and SunTrust Banks. Its b ...

, formerly BB&T Corporation.

Early life and education

King worked on his family's

tobacco farm The cultivation of tobacco usually takes place annually. The tobacco is germinated in cold frames or hotbeds and then transplanted to the field until it matures. It is grown in warm climates with rich, well-drained soil. About ''4.2 million'' hec ...

during childhood, located in Zebulon to the East of Raleigh. During high school, he was a salesman for clothing and vacuums. He then received a

Bachelor of Business Administration Bachelor of Business Administration (BBA) is a bachelor's degree in business administration awarded by colleges and universities after completion of undergraduate study in the fundamentals of business administration and usually including advanced ...

East Carolina University East Carolina University (ECU) is a public university, public research university in Greenville, North Carolina. It is the fourth largest university in North Carolina. Founded on March 8, 1907, as a Normal school, teacher training school, East ...

, Greenville,

, followed by an

M.B.A. A Master of Business Administration (MBA; also Master's in Business Administration) is a postgraduate degree focused on business administration. The core courses in an MBA program cover various areas of business administration such as accounti ...

from the same institution. He also attended Stonier Graduate School of Banking at

Rutgers University Rutgers University (; RU), officially Rutgers, The State University of New Jersey, is a Public university, public land-grant research university consisting of four campuses in New Jersey. Chartered in 1766, Rutgers was originally called Queen's ...

Newark Newark most commonly refers to: * Newark, New Jersey, city in the United States * Newark Liberty International Airport, New Jersey; a major air hub in the New York metropolitan area Newark may also refer to: Places Canada * Niagara-on-the ...

New Jersey New Jersey is a state in the Mid-Atlantic and Northeastern regions of the United States. It is bordered on the north and east by the state of New York; on the east, southeast, and south by the Atlantic Ocean; on the west by the Delaware ...

Career

King began his career in

BB&T BB&T Corporation (previously known as the Branch Banking and Trust Company) was one of the largest banking and financial services firms in the United States, based in Winston-Salem, North Carolina. In 2019, BB&T announced its intentions to merge ...

's Management Development Program in 1972 and has served in many roles, including manager of its Central and Metropolitan regions, Raleigh city executive,

Charlotte Charlotte ( ) is the List of municipalities in North Carolina, most populous city in the U.S. state of North Carolina. Located in the Piedmont (United States), Piedmont region, it is the county seat of Mecklenburg County, North Carolina, Meckl ...

business services manager, Statesville

consumer lending Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), ...

manager, and banking manager for BB&T's branch network. In January 2009, he was named a director of the

Federal Reserve Bank of Richmond The Federal Reserve Bank of Richmond is the headquarters of the Fifth District of the Federal Reserve located in Richmond, Virginia. It covers the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia ...

. Before his appointment as CEO on 1 January 2009, King was BB&T's

chief operating officer A chief operating officer or chief operations officer, also called a COO, is one of the highest-ranking executive positions in an organization, composing part of the "C-suite". The COO is usually the second-in-command at the firm, especially if t ...

from 2004 to 2008. In December 2012, BB&T announced that they eliminated a provision in King's contract that would have required him to step down when he turns 65, effectively keeping him as CEO for three more years. He was named Banker of the Year 2015 by ''

American Banker ''American Banker'' is a Manhattan-based trade publication covering the financial services industry. Originally a daily newspaper, the print edition ceased publication in 2016, with an online edition continuing to be updated. The first issue of ...

'' magazine. In 2019, regulators approved the merger of BB&T and

SunTrust SunTrust Banks, Inc. was an American bank holding company with SunTrust Bank as its largest subsidiary and assets of US$199 billion as of March 31, 2018. The bank's most direct corporate parent was established in 1891 in Atlanta, where it was h ...

, creating a new institution to be called Truist. King remains CEO and chairman of Truist. In October 2019, the ''

Triad Business Journal American City Business Journals, Inc. (ACBJ) is an American newspaper publisher based in Charlotte, North Carolina. ACBJ publishes The Business Journals, which contains local business news for 44 markets in the United States, Hemmings Motor News ...

'' named him one of the year's "Power Players" in business.

Compensation

During his first year as CEO of BB&T in 2009, King earned a total compensation of $4,469,300.Business Week- BB&T Profile
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Personal life

A resident of

, King is

Christian Christians () are people who follow or adhere to Christianity, a monotheistic Abrahamic religion based on the life and teachings of Jesus Christ. The words ''Christ'' and ''Christian'' derive from the Koine Greek title ''Christós'' (Χρι ...

References

{{DEFAULTSORT:King, Kelly East Carolina University alumni American chief executives of financial services companies Living people 1948 births American chief operating officers