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CEO Transitions

Stumpf CEO at Wells FargoEnd-June and beginning of July, San Francisco-based Wells Fargo, the fifth-largest U.S. bank, named John Stumpf …

Stumpf CEO at Wells Fargo

End-June and beginning of July, San Francisco-based Wells Fargo, the fifth-largest U.S. bank, named John Stumpf its chief executive, replacing Richard Kovacevich. Kovacevich, 63, who is scheduled to retire by end of next year, will continue to serve as chairman of the company. He became chief executive when he merged Northwest Corp with Wells Fargo in 1998.

Stumpf, 53, who has been the company’s president and chief operating officer since August 2005 worked with Kovacevich at Norwest, and was always the leading contender to succeed Kovacevich. He will continue to keep the title of president.

According to PRNewswire, Wells Fargo announced, on July 24, a quarterly common stock dividend of 31 cents per share, up nearly 11 percent from the previous dividend of 28 cents per share. The dividend is payable Sept. 1, 2007, to stockholders of record on Aug. 10, 2007. The Company has approximately 3.4 billion shares outstanding. The bank also launched a web-based mobile banking application on July 24, following its CEO MobileSM service to a select group of businesses customers.

New CEO at Lincoln National

Lincoln National Corporation, the fourth-largest U.S. life insurer, on July 6, said that its chairman and chief executive, Jon Boscia, 55, will retire after 10 years at the helm.

He will be succeeded as chairman by J Patrick Barrett, a longtime board member and as CEO by Dennis R Glass, president and chief operating officer.

Boscia joined Lincoln at one of its divisions, Lincoln National Pension, in 1983, became CEO in 1983 and chairman in 2001. Prior to Lincoln, Boscia served as an executive with Westinghouse Credit Corp and Mellon Bank. He also serves on the board of The Hershey Co.

Glass, 57, was CEO of Jefferson-Pilot, a Lincoln competitor that Lincoln acquired last year. Barrett, 70, a former chairman and CEO of car rental company Avis, also serves as chairman of Syracuse Executive Air Service, Bennington Ironworks, and chairman and CEO of Carpat Investments.

Jones Apparel makes CFO its CEO

Jones Apparel Group, a Fortune 500 company, on July 12, replaced its chief executive officer and president Peter Boneparth with chief financial officer Wesley Card, 59.

Reports said that Boneparth, 47, who also was a director in the company resigned after he and the board agreed that, with the pending sale of Barneys New York, it was the right time for change in leadership as well. According to PRNewswire, Mr. Card, age 59, joined Jones Apparel Group in 1990 as its Chief Financial Officer, and added the responsibility of Chief Operating Officer in 2002. He has extensive experience in the apparel industry, in which he has worked for the past twenty-eight years. In addition to his positions at Jones Apparel Group, he has held senior operating and financial positions at Warnaco Inc. and at Carolyn Roehm, Inc. Mr. Card serves on the Board of the American Apparel & Footwear Association and was its Chairman from 2005 to 2007.

Some reports also said that the company may consider a $900 million offer for its Barneys New York chain of luxury stores, from Japan‘s Fast Retailing Co. It had, apparently, also agreed to an $825 million bid from Istithmar PJSC, a Dubai government-owned investment company.

Leary CEO at ING

ING Investment Management, a global organization with $400 billion in assets under management and the U.S. asset management arm of Dutch firm ING Group NV, on July 26, named Robert Leary as its new CEO, effective September 4.

Leary will succeed Robert W Crispin, chairman and CEO, who will retire on December 31. He has had a long career in financial services, including executive vice president at AIG Financial Products Corp, a subsidiary of American International Group (AIG).

Leary, who began his career as a lawyer with White & Case, also worked with JP Morgan.

 

 

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