Truist has announced a leadership shakeup, with Dontá Wilson, the bank’s chief consumer and small business banking officer, leaving the bank. This change comes six weeks into Mike Lyons’ tenure as CEO, as the bank looks to drive execution of its strategy.
Shimna Sameer, a Bank of America alum, will succeed Wilson in the chief consumer-banking role. Sameer was hired in July to lead Truist’s wealth management division.
Jeff Warner, a 25-year veteran of PNC, has been hired to serve as chief small business banking officer. At PNC, Warner was most recently head of small business.
Leadership Changes
D. Steve Boland was named a vice chair at Truist to help advance the bank’s strategic agenda and support execution of the highest-priority initiatives. Boland had been chief administrative officer and president of retail banking at Bank of America before retiring from the lender in 2025.
Boland, Sameer, and Warner will all report to Lyons. The bank did not specify when Wilson would depart, but in a LinkedIn post, Wilson referenced “supporting this leadership transition through the end of the year.”
Lyons stated that the bank has sharpened its focus on consumer and small business banking, added highly experienced leaders to complement its existing talent, and flattened the organization, all designed to drive the execution of its growth plan.
Strategic Review
Truist has signed an agreement to sell $7.7 billion of loans associated with LightStream, the bank’s unsecured personal loans platform, to global investment firm Carlyle. The transaction is expected to close in the fourth quarter and represents an exit from a non-core, loan-only business that is generating returns well below the bank’s targets, according to CFO Mike Maguire.
The loan sale is another outcome of an ongoing strategic review Lyons has overseen. Last month, the bank said it was selling $5.5 billion in near-prime auto loans associated with its subsidiary Regional Acceptance Corp., and repositioned some of its available-for-sale securities portfolio.
Lyons said that the bank has operated too many nationally focused, standalone, single-product businesses like marine and RV, RAC, and LightStream, which have diverted attention and resources from growing its core deposit franchise.
Growth Opportunities
Lyons faces high expectations, as investors want to see a major reset at the $554 billion-asset bank. Analysts have said Lyons needs a bold plan to bolster Truist’s profits and growth.
Jefferies analyst David Chiaverini wrote that the turnaround is fully in motion, and the leadership changes announced Friday reinforce that message. Despite the Southeastern super-regional’s positive attributes, Lyons told analysts during the earnings call that the bank has not performed up to its potential or expectations.
Lyons sees opportunities for Truist to grow in small-business lending, as well as home equity, indirect auto, and credit cards within consumer lending. He is also eyeing lending growth within wealth and middle market banking.
Truist is committed to delivering on its return on tangible common equity targets of 15% in 2027 and 16% to 18% in the long term, according to Lyons. He told analysts that the bank is clear-eyed about the work it has to do and is doing it with focus, clarity, and urgency.
