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November 19, 2004
Shannon McFayden to Head Wachovia's Human Resources Division
Paul George Will Leave December 31
CHARLOTTE, N.C. - Wachovia Corporation announced today that Shannon McFayden will assume leadership of the company's Human Resources Division effective December 16. With this new responsibility, McFayden becomes head of a new unit called Human Resources and Corporate Relations. The division includes Human Resources, Community Development, Community Affairs, Corporate Communications, Marketing and Customer Analysis Research and Targeting. She will continue to report directly to Chairman and CEO Ken Thompson and serve on the company's top-level Operating Committee.
McFayden, 44, has spent much of her 22-year career with Wachovia leading various areas of Human Resources and brings vast experience and in-depth knowledge to the job. Her previous positions include head of Human Resources for the bank's Florida operations and head of Human Resources Client Services, including compensation, diversity, training and organizational development. She holds a B.A. from Davidson College.
"Shannon is absolutely the right person to lead these important areas that attract and develop talent, shape our company's culture, lead us in fulfilling our civic responsibilities and communicate our brand to all constituencies," said Thompson. "I have worked with Shannon for many years, and know firsthand that her knowledge of these disciplines and our company are second to none. She combines a strong intellect and ability to execute with a deep caring for the individuals who make up Wachovia."
Paul George, currently head of Human Resources, will leave Wachovia at the end of the year. George joined Wachovia in 1999. He led the design of a robust professional development curriculum, streamlining of Human Resources processes and successful merger integrations. The accomplishments of Human Resources under George's leadership contributed to Wachovia's employee engagement reaching an all-time high and a leading position in the industry.
"Paul has made immense contributions to our Human Resources Division and Wachovia," said Thompson. "The infrastructure he put in place positions us well to continue our leadership as an employer of choice while maintaining excellent cost control."
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve approximately 14 million client relationships (including households and businesses), primarily in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states and Washington, D.C. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through wachovia.com.
Wachovia had assets of $436.7 billion, stockholders' equity of $33.9 billion and market capitalization of $61.4 billion at Sept. 30, 2004. SouthTrust had assets of $53.8 billion and stockholders' equity of $4.7 billion at Sept. 30, 2004.
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