Media Contact:
Vince Scanlon
(336) 732-6387
Investor Contact:
Alice Lehman
(704) 374-4139
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September 15, 2003
Wachovia Insurance Services Hires Lehman as Chief Financial Officer
WINSTON-SALEM, N.C. - Wachovia Insurance Services, an integral part of Wachovia Wealth Management, announced today that Karen J. Lehman has joined as chief financial officer. Lehman, a 20-year accounting veteran, is responsible for the oversight of all finance, accounting and performance reporting activities for Wachovia Insurance Services.
Lehman joins Wachovia Insurance Services from Palmer & Cay Inc., where she held the chief financial officer position since 1992. In addition to her financial duties at Palmer & Cay, Lehman facilitated all merger and acquisition functions along with all systems implementation at the company. From 1986 to 1992, she was controller for a previously held subsidiary of Palmer & Cay. Prior to entering the insurance industry, she worked in public accounting for five years.
"As the 15th largest insurance broker in the country, Wachovia Insurance Services needed a chief financial officer totally dedicated to our business," said David Holton, president of Wachovia Insurance Services. "Adding the position is a sign of Wachovia's commitment to being a leading insurance provider in our nation, and Karen Lehman brings the credentials we need to help take us to the next level."
Lehman is the second significant hire at Wachovia Insurance Services in as many months. In July, Stewart McDowell, from Willis Group Holdings, the world's third largest insurance broker, joined as chief operating officer, reporting to Holton.
Lehman will report to Holton and Glenn McCoy, chief financial officer for Wachovia Wealth Management. She will work out of Winston-Salem, N.C., where Wachovia Wealth Management and Wachovia Insurance Services are headquartered.
"Wachovia Insurance Services is poised for future growth, and Karen Lehman will be a major asset to us in building this business," said McCoy. "Karen will be invaluable as the primary advisor to management on financial matters including M & A due diligence, valuation and capital investments."
Lehman received a bachelor's degree in accounting from the University of Akron. She is a Certified Public Accountant (CPA) and earned the Personal Financial Planning designation. Lehman is a member of the American Institute of Certified Public Accountants.
"It quickly became obvious to me that Wachovia Insurance Services is committed to growing and becoming a major player in the insurance industry," said Lehman. "This is an opportunity to be a part of a major success story, and I look forward to being a part of that success."
About Wachovia Insurance Services
Wachovia Insurance Services ranks among the Top 15 insurance brokers in the United States with year-end revenues of approximately $150 million. Wachovia Insurance Services and its affiliates have offices in states along the East Coast including Florida, Georgia, Maryland, New Jersey, New York, North Carolina, South Carolina and Virginia. The 15 locations in eight states serve clients along the East Coast and across the country.
About Wachovia Wealth Management
With $63 billion in assets, Wachovia Wealth Management is one of the largest wealth managers in the U.S. focused on the wealth market. Wachovia delivers integrated financial products and services to wealth clients through a team-based model, including private banking; debt solutions; investment management; charitable services; financial, tax and estate planning; trust administration; and insurance solutions. Wachovia's wealth market is primarily 11 East Coast states, Washington, D.C., and selected national and international markets.
About Wachovia Corporation
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $364 billion and stockholders' equity of $32 billion at June 30, 2003. The corporation operates full-service banking offices in 11 East Coast states and Washington, D.C., and offers retail brokerage services in 48 of the 50 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com.
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