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November 02, 1999
James R. Boris Announces Retirement; Daniel J. Ludeman Assumes Position as Head of Retail Securities
RICHMOND - Former EVEREN Capital Corporation Chairman and Chief Executive Officer James R. Boris has announced his retirement as CEO of First Union Securities retail brokerage. With Boris' retirement effective at the end of October, Daniel J. Ludeman takes on expanded responsibilities and becomes CEO of the nation's 6th largest retail brokerage.
Since the April 26 announcement of the EVEREN merger, Boris and Ludeman have provided leadership for the transition and integration of EVEREN and the creation of First Union Securities retail brokerage organization from the combined companies. Retail brokerage operates as a part of First Union's Capital Management Group.
"Jim's hand at the helm of EVEREN has helped ensure a steady transition as we have created a new company with offices and customers coast to coast. We value his contributions and wish him the very best in his retirement," said Don McMullen, vice chairman of First Union Corporation and head of the Capital Management Group. "Danny's demonstrated leadership gives me every confidence that our retail brokerage will be a national leader in the industry."
As CEO of First Union Securities Inc.'s brokerage, Ludeman oversees the management of more than 6,300 representatives in 41 states working out of 2,700 offices.
"I feel our firm is in very capable hands. I'm confident in our future success and that of our customers and associates. I'd like to thank all of my former associates at EVEREN for their hard work in the past and to say that as the new First Union Securities team, the firm is poised for greatness," Boris said.
Boris began his brokerage career in 1971, had served as executive vice president of PaineWebber, Shearson Lehman Brothers and Kemper Corporation and as chairman and CEO of INVEST Financial Corporation before serving as head of EVEREN Capital Corporation and its predecessor firms from 1990 until the company's merger with First Union earlier this year.
"Our management team brings together breadth and depth of experience, a shared client focus, dedication to integrity and to the highest standards of service," Ludeman said. "Our company is starting out as one of the - if not the - nation's leading bank/brokerage combinations, and we are in a strong position to become one of the nation's premier securities firms."
Ludeman began his brokerage career in 1979 with the firm and was elected to the board of directors of Wheat First Securities in 1984. He has held a variety of management positions with the company and in April 1996 was named to the executive committee of the firm. Wheat merged with First Union in 1998.
The nation's 6th largest brokerage group, First Union Securities provides brokerage, asset management and capital markets services to individuals, institutions and corporations through more than 6,300 financial advisors in more than 2,700 offices nationwide. First Union Securities is a trade name that includes the following two separate and distinct registered broker-dealers within First Union Corporation: First Union Securities, Inc., member NYSE/NASD/SIPC, and First Union Brokerage Services, member NASD/SIPC.
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