Kelly King
{{Short description|American businessperson (born 1948)}}
{{BLP sources|date=June 2016}}
Kelly S. King (born September 12, 1948 in Raleigh, North Carolina){{Cite web |url=http://bbt.mediaroom.com/index.php?s=18&item=100 |title=BB&T - Company Information |access-date=2010-03-02 |archive-url=https://web.archive.org/web/20120222112639/http://bbt.mediaroom.com/index.php?s=18&item=100 |archive-date=2012-02-22 |url-status=dead }} was the Executive Chairman of Truist Financial, formerly BB&T Corporation.
Early life and education
King worked on his family's tobacco farm during childhood, located in Zebulon to the East of Raleigh.{{Cite web|url=https://moneyinc.com/bbt-corp-ceo-kelly-king/|title=10 Things You Didn't Know About BB&T Corp CEO Kelly King|last=Berman|first=Nat|date=2019-03-08|website=Money Inc|language=en-US|access-date=2019-07-04}} During high school, he was a salesman for clothing and vacuums. He then received a Bachelor of Business Administration, East Carolina University, Greenville, North Carolina, followed by an M.B.A. from the same institution.{{Cite web|url=https://www.marketscreener.com/business-leaders/Kelly-King-3291/biography/|title=Kelly King - Biography|last=MarketScreener|website=www.marketscreener.com|language=en|access-date=2019-07-04}} He also attended Stonier Graduate School of Banking at Rutgers University, Newark, New Jersey.{{Citation needed|date=July 2019}}
Career
{{Expand section|date=July 2019}}
King began his career in BB&T's Management Development Program in 1972 and has served in many roles, including manager of its Central and Metropolitan regions, Raleigh city executive, Charlotte business services manager, Statesville consumer lending 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. Before his appointment as CEO on 1 January 2009, King was BB&T's chief operating officer 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.{{cite web|url=http://www.americanbanker.com/people/bbt-gives-king-three-more-years-as-ceo-1055398-1.html|title=BB&T gives Kelly King three more years as CEO|date=21 December 2012|publisher=American Banker|accessdate=1 March 2013}} He was named Banker of the Year 2015 by American Banker magazine.{{Cite web|url=https://www.americanbanker.com/news/banker-of-the-year-bb-amp-ts-kelly-king|title=Banker of the Year: BB&T's Kelly King|website=American Banker|date=21 December 2015|language=en|access-date=2019-07-04}} In 2019, regulators approved the merger of BB&T and SunTrust, creating a new institution to be called Truist.[https://web.archive.org/web/20191120040402/https://www.charlotteobserver.com/news/business/banking/article237549389.html The Charlotte Observer] King remains CEO and chairman of Truist.{{cite news |url=https://www.journalnow.com/business/truist-ceo-most-customers-won-t-see-any-account-changes/article_b3b17264-e9b6-51f1-8fe6-a9dcb079d537.html | title=Truist CEO: Most customers won't see any account changes|last=Craver| first=Richard | work=Winston-Salem Journal | date=December 9, 2019}} In October 2019, the Triad Business Journal named him one of the year's "Power Players" in business.{{cite news |title=Power Players 2019: Kelly King |url=https://www.bizjournals.com/triad/news/2019/10/30/power-players-2019-kelly-king.html |access-date=2 May 2023 |work=Triad Business Journal |date=October 30, 2019}}
He retired as the CEO in 2021 and Executive Chairman of Truist in 2022. {{Cite web |last=Post |last2=Share |last3=Post |last4=Print |last5=Email |last6=License |title=8 Truist board members to leave at year-end |url=https://www.bankingdive.com/news/8-truist-board-members-leave-kelly-king-mandatory-retirement-age/695307/ |access-date=2024-10-01 |website=Banking Dive |language=en-US}}
He is currently a senior advisor to KSK Investors, an investment firm focused on the financial sector. {{Cite web |title=Kelly King |url=https://kskinvestors.com/kelly-king |access-date=2024-10-01 |website=KSK Investors |language=en-US}}
Compensation
During his first year as CEO of BB&T in 2009, King earned a total compensation of $4,469,300.{{Cite web|url=http://investing.businessweek.com/research/stocks/people/person.asp?personId=188549&ticker=BBT:US|title=Kelly King: Executive Profile & Biography - BusinessWeek|date=3 September 2010|archive-url=https://web.archive.org/web/20100903161252/http://investing.businessweek.com/research/stocks/people/person.asp?personId=188549&ticker=BBT:US |access-date=2 May 2023|archive-date=2010-09-03 }}