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The retiring chief tax officer and executive vice president at Truist is leaving a legacy of leadership in finance. Jennielea Haynes spent over twenty years at Bank of America as a tax executive prior to coming to a post-merger Truist, the combination of BB&T and SunTrust Banks in 2019.
Truist became the six largest US commercial bank overnight, and Haynes took a leadership role to help steer the new organization forward. The move to Truist marked a satisfying last chapter in a financial career, a chance to provide incredible leadership experience to an institution working to redefine itself.
Haynes’s last role before Truist was with Comerica Bank as its director of tax. The role offered the executive the chance to get a fuller perspective on all things tax and set her up perfectly for the position with Truist.
Haynes said the lessons learned at Comerica had to be multiplied in scope in coming to a massive organization like Truist, whose merger resulted in the unification of some 10 million consumer households and a wide variety of business clients.
Illustrating the gravity of the merger, in a prepared statement the Truist chairman and CEO Kelly King stated that it was a historic moment for Truist—a financial services organization created from two companies with shared values and a deep commitment to building a better future for our clients and communities. He went on to say that the completion of that merger of equals was a tremendous achievement and a testament to the thousands of Truist teammates who diligently worked to ensure its timely conclusion.
Haynes also described the merger as the coming together of two equals. One that’s provided especially interesting challenges when aligning departments, integrating personnel, and establishing a melding of the two distinct company cultures.
Truist is facing stiff competition in the southeast, with smaller banks like Huntington and Fifth Third back interested in growing their own presences in the region. Truist has not only managed to stave off competition, but to keep growing as well.
Haynes said it’s an interesting time to be a tax executive, with new legislation and the introduction of changes at an increasingly unprecedented rate. The chief tax officer closely monitors tax legislation and regulations for all fifty states. She said her team works to mitigate and minimize the impact changing legislation can have on the organization and implement efficiencies whenever possible.
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As Haynes approaches retirement, she hopes to be remembered for a leadership style that gave her people the opportunity to take ownership of their work and as someone who always had her door open for others. She’s worked hard to create a collaborative and cooperative environment across multiple regions and locations. And though she’ll no longer be managing others, she offers advice to those just beginning careers of their own: never stop learning, be eternally curious, and if you think you’ve arrived, you need to widen your perspective.
While Hayne’s success is well-documented, the executive said she has always worked to live, not vice versa. She and her husband love to travel and look forward to doing even more in the years to come. She added that having a healthy life outside of work, one that balances out the long hours of a demanding career, has made her a better professional.
“KPMG LLP is proud to support Truist in delivering exceptional outcomes and navigating unprecedented change. Our trusted collaboration, anchored in providing tax insights to address disruptive forces, has helped position Truist for long-term success. Collaborating with Jennielea and the tax team has been a privilege, and we wish Jennielea all the best in her retirement,” says Tony Welburn, partner at KPMG LLP. “We are excited to continue as a trusted advisor for Truist, confident in their ability to thrive and capitalize on new opportunities. Here’s to being ready for the next big thing!”
Haynes was present for the beginning of the Truist era, and it’s certain that she’s helped lay the foundation for continued prosperity for two organizations that are now one. More importantly, Haynes has a curious mind that will undoubtedly make continuous new discoveries as her corporate career winds down.
Be ready for tax’s next big thing before it’s a big thing. Regulatory changes? No pressure. Shifting work models? Bring it on. From ESG demands to M&A restructuring, KPMG can help you navigate an unending flow of disruptive forces with confidence. Our seasoned professionals, tax insights, and powerful technology give you the leverage you need to prepare for what’s next and capitalize on new opportunities. Learn more at tax.kpmg.us
