Truist Financial has promoted Tom Hackett to the role of chairman and CEO of Truist Securities, its corporate and investment banking arm.

Hackett, whose appointment is effective 31 March 2023, will replace John Gregg, who is set to retire.

He is currently serving as COO of Truist Securities and will report to Beau Cummins, vice chair Truist, in new role.

Hackett joined Truist Securities in 2008 and has over three decades of experience in corporate and investment banking.

Cummins said: “Tom’s purpose-driven leadership and depth of experience make him well-suited to lead our firm as we continue to leverage our range of capabilities and expertise to position our clients for success.

“I also want to thank John for his leadership in growing Truist Securities and creating a culture that is centered around serving our clients and helping them achieve outstanding results.”

Hackett previously served as the head of investment banking and the head of asset finance at Truist Securities.

In that role he helmed teams focused on equipment finance, asset-based lending, structured real estate, asset securitisation and project finance.

Hackett said: “The strength of Truist Securities is our teammates, their focus on partnering closely with our clients, and delivering expertise that helps them achieve their goals.

“As we look to the future, our client-first approach, ability to navigate complex transactions and long-term view will continue to deliver sustained success for clients and Truist.”