Wachovia’s board of directors asked Baker to extend his planned tenure to enable the company to continue developing key executives in preparation for an orderly succession and to assure continuity in the execution of Wachovia’s growth strategy.
Baker has served as chief executive officer of Wachovia since January 1994. Wachovia, which traces its history to 1879, has had only five chief executive officers.
Wachovia Corporation, with assets of $65.8 billion as of Sept. 30, 1999, is the nation’s 15th largest bank holding company. Wachovia has dual headquarters in Winston-Salem, N.C., and Atlanta. Its principal banking subsidiary, Wachovia Bank, N.A., has more than 700 branches in Florida, Georgia, North Carolina, South Carolina and Virginia.
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