Press Releases

Prendergast, 55, was elected to his current position in 1999 with responsibility for consumer and corporate banking activities and related subsidiaries. Since becoming chief operating officer, he has additionally led a performance project pursuing revenue enhancement, productivity gains, resource allocation improvement and expense reduction across the company.

"Wachovia has put in place the foundation for a performance culture that will evolve with the challenges and opportunities of a new millennium," said Prendergast. "Initiatives to enhance performance now are being implemented. I believe this is a good time for me to step aside after a long and satisfying career. Managers who have been preparing for new responsibilities now will take this excellent company forward."

Ms. Davis, 44, will assume responsibility for Retail Financial Services directed by Beverly B. Wells and eBusiness led by Lawrence G. Baxter. Ms. Davis has 15 years’ experience with Wachovia. She has held positions as a corporate accounts officer, city executive, regional executive, merger coordinator and director of Human Resources.

Kelly, 42, will be responsible for the Asset and Wealth Management line of business headed by Robert G. Kniejski in addition to directing Wachovia’s network of banking locations. Kelly joined Wachovia in 1980 and has served as a county executive, regional executive and head of the Consumer Financial Services Division.

John C. McLean Jr. will continue as executive in charge of the Wachovia Corporate Financial Services Division.

"Joe Prendergast is an exceptional leader who has achieved monumental progress in positioning Wachovia for high performance," said L.M. Baker Jr., chairman and chief executive officer. "He has given a great portion of his life to Wachovia and has worked tirelessly on behalf of many other organizations.

"We are fortunate to have an experienced management team ready to capture the promise of a challenging and rewarding era in financial services. The new alignment of Retail Financial Services and eBusiness with the Technology and Operations Division reflects the intellectual and performance requirements that increasingly are rooted in emerging technology. The combination of Asset and Wealth Management business with the banking network assembles the necessary elements for dramatic growth in wealth management and an acceleration of high performance in banking," Baker said.

Prendergast joined Wachovia in New York in 1973 and became manager of Wachovia International Banking Corporation. In 1977 he moved to Winston-Salem in the International Banking Division. He was named head of the National Banking Division in 1981. In 1988 he became president of Wachovia Corporate Services Inc. He moved to Atlanta in 1989 and was elected president and chief executive officer of Georgia Banking in 1993 and chairman in 1994. He assumed responsibility for the corporation’s consumer banking activities in 1994 and corporate banking in 1996. He was elected senior executive vice president of Wachovia Corporation in 1997 and president and chief operating officer in 1999.

Prendergast, a native of Wilmington, Del., graduated from Wesleyan University with a bachelor of arts degree in political science. He received a master's degree from the Fletcher School of Law and Diplomacy in Medford, Mass. He served as a U.S. Army infantry officer before commencing his banking career.

Prendergast is a member of the board of visitors of the Fuqua School of Business at Duke University and a member of the Financial Services Roundtable. In addition to serving on the boards of Wachovia Corporation and Wachovia Bank, N.A., he is a director of The Georgia Power Company, Willamette Industries Inc., VISA U.S.A. and Visa International. While in Atlanta he served as chairman of the board of trustees of the Woodruff Arts Center and as co-chairman of the Atlanta Action Forum and the Corporation for Olympic Development. He served in a number of leadership positions with the Metro Atlanta Chamber of Commerce.

Wachovia Corporation, with dual headquarters in Atlanta and Winston-Salem, N.C., is a leading financial holding company serving regional, national and international markets. At June 30, 2000, Wachovia had assets of $70.8 billion. Member companies offer consumer and commercial banking, asset and wealth management, bank card, capital markets and investment banking, brokerage and insurance services. Wachovia Bank, N.A., the principal subsidiary, has nearly 700 offices and 1,400 ATMs in Florida, Georgia, North Carolina, South Carolina and Virginia.