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August 09, 1999
FIRST UNION ANNOUNCES LEADERSHIP ORGANIZATION
CHARLOTTE-Today First Union Chairman and CEO Edward E. Crutchfield announced further details of the company's leadership organization to take effect as John R. Georgius retires and G. Kennedy Thompson assumes the role of president of the company. The structure also reflects a strong focus on the general banking services provided to retail and commercial customers throughout the bank's franchise.
As president, Thompson, who will report to Crutchfield, will have responsibility for the securities business and the General Bank. The securities business includes the profitable and high-growth areas of Capital Markets and Capital Management. Benjamin P. Jenkins will report to Thompson and lead the General Bank, which includes the retail and commercial state banking organization. The General Bank spans the East Coast from Connecticut to Florida and is the foundational core of the company's business. Jenkins will also continue as president of First Union-Florida.
In addition to Thompson, several other key units reporting to Crutchfield include strategic delivery channels (E-Commerce, led by David M. Carroll; and the Consumer Banking Group, led by Jack M. Antonini) and several staff units.
This organizational structure positions First Union to focus on the three primary components of its business model: -- A strong General Bank that brings top commercial and retail products to customers throughout the East Coast; -- A full-service securities business that offers capital markets and capital management products nationwide; and -- An online unit that will maximize the potential of the Internet in bringing banking and brokerage products to individuals and businesses.
"The experience and talent of this leadership team is second to none in the financial services industry," said Crutchfield. "I am confident that we have the right strategy in place and the right people to achieve excellent execution of that strategy."
For the second quarter, First Union earned $873 million on an operating basis, which represents an annualized return on average stockholders equity of 21.25 percent and an annualized return on average assets of 1.56 percent. This performance is among the best in the industry.
First Union (NYSE: FTU) is a leading provider of financial services to more than 16 million customers throughout the East Coast and the nation. At June 30, 1999, First Union had assets of $230 billion and total stockholders equity of $16 billion. The company operates full-service banking offices in Connecticut, Delaware, Florida, Georgia, Maryland, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and Washington, D.C.
The attachment to this release includes names and responsibilities of all direct reports to Crutchfield, Thompson and Jenkins.
Attachment:
Reporting to Edward E. Crutchfield, chairman and chief executive officer
- G. Kennedy Thompson, President
- Strategic delivery channels
- Consumer Bank Group, led by Jack M. Antonini
E-Commerce, led by David M. Carroll
- Staff Units
Automation and Operations, led by Austin A. Adams
Corporate Real Estate, led by Joseph A. Tronco
Corporate Relations, led by Alice L. Lehman
Finance, led by Robert T. Atwood
Human Resources, led by Don R. Johnson
Legal, led by Mark C. Treanor
Reporting to G. Kennedy Thompson, President
- Capital Management Group, led by Don McMullen
- Capital Markets Group, led by Managing Partners Stephen E. Cummings, W. Barnes Hauptfuhrer, Steven W. Kohlhagen and Brian E. Simpson
- International Division, led by Michael Heavener
- General Bank, led by Benjamin P. Jenkins
- Credit Administration Group, led by Malcolm T. Murray
Reporting to Benjamin P. Jenkins, General Bank Head
- Regional state banking organization
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- Charles P. Connolly Jr., President of the Pennsylvania/Delaware region
Malcolm E. Everett III, President of the Mid-Atlantic region (including North and South Carolina, Virginia, Maryland, Washington, D.C. and Tennessee)
Thomas H. Pacer, President of First Union-Georgia
Robert L. Reid, President of the Atlantic region (including New Jersey, New York and Connecticut)
Benjamin C. Maffitt III, head of the Commercial Bank Group
Beth Ayers McCague, head of Corporate Customer Service
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