SunTrust CFO to depart following merger with BB&T
Allison Dukes’ long career at SunTrust Banks in Atlanta will end later this year after the bank completes its merger with BB&T.
SunTrust said in a regulatory filing Friday that Dukes, its chief financial officer, plans to “pursue other opportunities” after the merger closes in the third or fourth quarter so that she can remain in Atlanta, where she is actively involved with a number of civic and philanthropic organizations. The combined company will be headquartered in Charlotte, N.C.
News of Dukes’ planned departure was first reported by the Atlanta Business Chronicle.
The companies announced in early February that BB&T, based in Winston-Salem, N.C., would acquire SunTrust for about $28 billion and Dukes had initially been identified as one of the SunTrust officers who would be part of the executive management team at the combined company.
In an interview with the Atlanta Business Chronicle, Dukes said that she had been traveling between Atlanta and Charlotte frequently since the merger was announced and had found it difficult to balance her increasing responsibilities at the bank with her civic and philanthropic commitments. Dukes is the vice chair for Junior Achievement of Central Georgia and will soon take over as chair. She also serves on the boards of the Atlanta History Center, Children’s Healthcare of Atlanta and on the finance committee of a private school.
“As I started to think about what was next for me and where I wanted to spend my time professionally and personally, I realized that my husband and I are deeply connected to the city of Atlanta,” Dukes told the Atlanta Business Chronicle. “It is the place where I really wanted to raise my family.”
Dukes has been SunTrust’s CFO since April 2018, when she replaced Aleem Gillani, who retired. She had previously had been head of commercial and business banking and since 2012 has held a number of senior leadership roles, including co-head of private wealth management and chairman and CEO of the Atlanta market. She joined the company in 1997 and for seven years was a managing director in its investment bank, SunTrust Robinson Humphrey.
Last year, Dukes appeared for the first time in American Banker’s annual Most Powerful Women in Banking rankings, placing No. 3 on the Women to Watch list.
SunTrust also said in Friday’s regulatory filing that Mike Maguire, SunTrust’s Enterprise Partnerships and Investment executive, will lead the national consumer finance and payments unit of the combined BB&T-SunTrust and serve on the executive management team. Before taking over as head of enterprise partnerships in September, Maguire spent 17 years as an investment banker at SunTrust Robinson Humphrey.