Laurence Stein
TRUIST FINANCIALAbout Laurence Stein
Laurence Stein is an independent director of Truist Financial Corporation, age 57, elected in April 2024, with prior senior leadership roles at Goldman Sachs spanning operations, finance, technology, and risk; he began his career at Ernst & Young . He serves on Truist’s Board and the Trust Committee of Truist Bank, with a risk management-focused skill set; board tenure began in 2024 and he is affirmed independent under NYSE and company guidelines . Stein’s Truist committees: Risk Committee member and Truist Bank Trust Committee member .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Goldman Sachs Group, Inc. | EVP & COO, Asset & Wealth Management; Member of Management Committee | Through 2023 | Led operational efficiency and growth initiatives while maintaining controls/risk management |
| The Goldman Sachs Group, Inc. | Chief Administrative Officer | 2018–2022 | Enterprise administration and control infrastructure |
| The Goldman Sachs Group, Inc. | Global Head of Operations Division | Prior to 2018 (dates not specified) | Global operations oversight |
| The Goldman Sachs Group, Inc. | COO, Securities Division | Prior to 2018 (dates not specified) | Trading operations and risk processes |
| The Goldman Sachs Group, Inc. | CFO, Investment Banking Division | Prior to 2018 (dates not specified) | Division finance and controls |
| The Goldman Sachs Group, Inc. | Managing Director; Partner | MD 2003; Partner 2006 | Senior leadership across businesses |
| Ernst & Young | Early career | Not disclosed | Audit/finance foundation |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| — | None disclosed | — | No other public company directorships listed for Stein in the Truist proxy |
Board Governance
| Item | Detail |
|---|---|
| Independence | Board affirmatively determined Stein is independent; Audit, Compensation & HCM, and Nominating committees are fully independent |
| Committees | Risk Committee member; Trust Committee member (Truist Bank) |
| Committee activity | Risk Committee held 16 meetings in 2024 |
| Board attendance | All directors attended the 2024 annual meeting; each director attended >75% of Board/committee meetings during their tenure in 2024; the Board held 13 meetings in 2024 |
| Lead Independent Director | Thomas E. Skains; responsibilities include executive sessions and succession oversight |
| Hedging/pledging | Prohibited for directors and covered executives |
| Service limits | Non-employee directors may serve on no more than three other public company boards; Audit members limited to three audit committees absent Board approval |
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Annual cash retainer | $100,000 (program level) | Standard non-employee director retainer |
| Committee membership fees | $15,000 (Audit/Risk non-chair members) | Stein is a Risk member; his 2024 fees were prorated due to April election |
| Fees earned in cash (Stein) | $79,500 | Reflects partial-year service and applicable committee fees |
| Meeting fees | None disclosed | Truist does not pay meeting fees; compensation via retainers |
Performance Compensation
| Equity Award | Grant Details | Vesting | Change-of-Control |
|---|---|---|---|
| Director RSU program (2024/2025 service) | $180,000 in RSUs for directors (program level) | 100% vests at year-end of grant (subject to deferral election) | All unvested RSUs fully vest upon change of control |
| Stein 2024 RSU grant | 3,203 RSUs granted April 2024; grant-date fair value $36.83 per RSU; total stock award value $117,966 | Vested Dec 31, 2024 | Subject to director program terms |
As of Dec 31, 2024, no non-employee directors held outstanding RSUs (year-end vesting) .
Other Directorships & Interlocks
| Company | Role | Interlock/Conflict Considerations |
|---|---|---|
| — | None disclosed | No other public company boards listed; independence affirmed and no related person transactions requiring approval reported since Jan 1, 2024 |
Expertise & Qualifications
- 27 years at Goldman Sachs across asset/wealth management, securities, investment banking, finance, operations, technology, and risk; proven record improving efficiency and growth while maintaining controls .
- Risk management expertise aligned with Truist’s separate board-level Risk Committee structure and ERM framework .
- Career foundation in audit/finance at Ernst & Young .
Equity Ownership
| Metric | Amount | Notes |
|---|---|---|
| Beneficial ownership (common) | 3,203 shares as of Jan 31, 2025 | Less than 1% of shares outstanding |
| Shares subject to right to acquire (60 days) | 0 | No outstanding RSUs post year-end vesting |
| Phantom shares | None | Some directors have phantom shares; Stein does not |
| Ownership guidelines | Directors must hold stock equal to ≥5x annual cash retainer; compliance expected within 5 years or via RSUs | All current directors either met or are within compliance timeframe as of Dec 31, 2024 |
| Hedging/pledging | Prohibited for directors | Alignment policy |
Insider Filings
| Date | Form | Summary |
|---|---|---|
| Apr 24, 2024 | Form 3 (Initial) | Initial statement of beneficial ownership following election |
| Apr 25, 2024 | Form 4 | Reporting transactions around commencement of service |
| Feb 25, 2025 | Form 4 | Subsequent report of equity-related activity |
Governance Assessment
- Board effectiveness: Stein adds deep operational and risk expertise directly aligned to Truist’s risk oversight structure; he is an active member of the Risk Committee (16 meetings in 2024) and the Trust Committee of Truist Bank . Attendance thresholds were met for Board/committee meetings during his 2024 tenure; all directors attended the 2024 annual meeting .
- Alignment and incentives: Majority of his 2024 compensation was equity-based via RSUs, with program-wide time-based vesting and change-of-control provisions; stock ownership guidelines (5x retainer) apply, with compliance expected within five years .
- Independence and conflicts: Board affirmed independence; related person transactions policy reported no transactions requiring approval/ratification since Jan 1, 2024 (outside ordinary-course dealings with certain institutional holders) . Hedging/pledging prohibitions mitigate alignment risks .
- Signals for investor confidence: Risk-focused committee assignments, independent status, and equity-heavy compensation design support governance quality; no disclosed red flags such as pledging, related-party transactions, or low attendance .