Hugh S. (Beau) Cummins III
DELUXEAbout Hugh S. (Beau) Cummins III
Independent director nominee (director since 2025), age 62. Former Vice Chair and Chief Operating Officer of Truist Financial Corporation with prior leadership of Wholesale and Corporate & Institutional businesses; earlier executive roles at SunTrust through its 2019 merger into Truist, spanning operations, governance and performance acceleration. Brings deep banking, payments, corporate strategy, transformation, and enterprise governance and controls experience relevant to DLX’s shift toward payments and data. Independent under NYSE standards; no other current public company boards.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Truist Financial Corporation | Vice Chair & Chief Operating Officer | 2023–2025 | Operating council; enterprise operations and performance acceleration |
| Truist Financial Corporation | Head, Wholesale Group | 2021–2023 | Led wholesale banking; payments-adjacent capabilities |
| Truist Financial Corporation | Head, Corporate & Institutional Group | 2019–2021 | Corporate strategy, development, governance |
| SunTrust Bank (merged into Truist) | Co‑Chief Operating Officer; Wholesale Segment Executive; other executive operating roles | 2005–2019 | Transformation, controls, and enterprise governance |
External Roles
| Organization | Role | Tenure | Committees/Focus |
|---|---|---|---|
| — | — | — | No current public company directorships disclosed |
Board Governance
- Independence status: Independent director nominee; board determined all nominees except CEO are independent and committee membership is entirely independent.
- Committee assignments: Audit & Finance; Compensation & Talent, both effective April 23, 2025.
- Board leadership: Independent Chair (Cheryl Mayberry McKissack); regular executive sessions; annual effectiveness reviews; robust ERM oversight.
- Attendance norms: In 2024 there were 6 board meetings; all directors then serving met the 75% attendance threshold; Cummins joined in 2025 (attendance for him not yet applicable).
- Related party policy: Audit & Finance Committee pre-approves related person transactions >$120,000; none requiring disclosure since the beginning of 2024.
Fixed Compensation
DLX non‑employee director fee schedule (2024; paid quarterly):
| Component | Annual Fee ($) |
|---|---|
| Board retainer | 85,000 |
| Independent Chair (additional) | 110,000 |
| Audit & Finance Chair | 30,000 |
| Compensation & Talent Chair | 25,000 |
| Corporate Governance Chair | 20,000 |
| Audit & Finance member (non‑chair) | 15,000 |
| Compensation & Talent member (non‑chair) | 10,000 |
| Corporate Governance member (non‑chair) | 10,000 |
| Site visit/director education (up to 5) | $1,500 each |
Notes:
- Directors may elect to receive cash fees in stock or defer into RSUs at equal value; RSUs receive dividend equivalents.
- Committee chair retainers were increased in 2024 ($+2,000 Audit chair; $+5,000 Compensation/Governance chairs).
Performance Compensation
Director equity program features (non‑employee directors):
| Element | Terms |
|---|---|
| Annual RSU grant | Re‑elected directors received RSUs with grant date fair value $159,999 on Apr 25, 2024; vest on Apr 24, 2025 (annual meeting) if service continues. |
| New director grant (example) | Angela Brown received 6,243 RSUs on Aug 13, 2024 (closing price $19.22); vests one year from grant. |
| Vesting accelerators | Immediate vesting upon change of control; vesting upon death, disability, or retirement per guidelines. |
| Dividend equivalents | Accrue and pay at vesting. |
| Options | No director option grants in 2024; any future options must be granted at FMV. |
Directors’ equity awards are time‑based (no performance metrics applied to director RSUs).
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None for Cummins. |
| Notable interlock/network link | Paul Garcia (DLX director; Comp & Talent Chair) previously served on Truist’s board (2019–2022), where Cummins held senior executive roles—creates a payments/banking network link and potential information flow (not a conflict in itself). |
Expertise & Qualifications
- Banking, payments, operational services, performance acceleration; corporate strategy, transformation, enterprise governance & controls—aligned with DLX’s growth focus in payments/data.
- Financial management and risk oversight experience useful for Audit & Finance Committee work.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Hugh S. (Beau) Cummins III | — | <1% | As of Feb 24, 2025; no RSUs listed for Cummins at record date. |
| Director ownership guideline | 5× annual board retainer; achieve within five years; 100% retention of net shares until compliant. | ||
| Hedging/pledging | Prohibited for directors and executive officers. |
Governance Assessment
- Strengths: Independent director with deep payments/banking operating credentials; slated for both Audit & Finance and Compensation & Talent committees; DLX prohibits hedging/pledging and enforces robust related‑party approval, supporting alignment and investor protections.
- Alignment: Director pay is equity‑heavy with RSU grants and optional fee‑to‑stock deferral; stringent stock ownership guideline (5× retainer) over five years boosts skin‑in‑the‑game.
- Watch items: As a new director, Cummins had no beneficial ownership at record date—monitor progress toward ownership guideline and future equity grants for alignment; observe committee engagement and attendance in 2025.
- Conflicts/related party: No related person transactions disclosed; Compensation Committee independence affirmed; no interlock conflicts flagged (Garcia’s prior Truist board service is a network link).
- Shareholder sentiment context: Board acknowledges low say‑on‑pay support in 2024 and instituted compensation disclosure/design changes—positive governance responsiveness backdrop for new directors.