Allison Dukes, former CFO of SunTrust Bank, (now Truist Financial Corporation), will step in as deputy CFO of Invesco, the company announced Monday.
Dukes, who begins work on March 10, will report to Invesco senior managing director and CFO Loren M. Starr, who oversees finance, accounting, investor relations and corporate strategy for the company. Starr will become vice chair in August, a role in which he will advise the firm's executive management team and lead special projects until he retires on March 1, 2021.
Dukes will remain in the deputy CFO position through August, at which time she will become senior managing director and CFO. Dukes will join Invesco’s executive management team immediately upon starting work next month.
Dukes most recently served as CFO of SunTrust Banks, where she supervised corporate finance functions, including corporate development, corporate tax, corporate real estate, strategic planning, investor relations and treasury.
Prior to becoming SunTrust CFO in 2018, Dukes served in a variety of leadership roles for the bank, over a span of 20 years. These include head of commercial and business banking, CEO of the Atlanta division, co-head of private wealth management, and managing director and head of syndicated finance originations for SunTrust Robinson Humphrey.
In December, BB&T acquired SunTrust for $28 billion, after a 10-month planning process, which formed Truist, the sixth-largest bank in the nation. It marked the largest bank merger since the 2007-08 financial crisis.
The merger created a series of obstacles for the two leadership teams, including a trademark infringement lawsuit with regards to its name, as well as Dukes’ departure. Despite being named as a future member of the Truist executive board, shortly after the news of the merger broke, Dukes announced she would be departing the company.
Dukes said she chose not to join the Charlotte, North Carolina-based team because of her family and civic commitments in Atlanta. “It was an incredibly difficult decision,” Dukes told the Saporta Report. "I have loved my career at SunTrust, which dates back to 1997. It really came down to doing what was best for me and my family." She also said she believes the merger is "the right transaction" for SunTrust and expressed support for the deal.
Dukes is an active member of the Atlanta community, serving on the boards of Junior Achievement of Georgia, Children's Healthcare of Atlanta and the Atlanta History Center, the company says.
"Allison's experience as CFO and, as importantly, her deep experience overseeing key parts of SunTrust's business, will be invaluable as we work to further strengthen and scale our business for the benefit of clients and shareholders," the release quoted Invesco President and CEO Marty Flanagan as saying. "Aligning her transition to [Starr's] move to the Vice Chair role will help ensure a smooth, effective transition of responsibilities through our second quarter earnings release in late July."