Stumpf CEO at Wells
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
New CEO at
Lincoln National Corporation, the fourth-largest
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.
Glass, 57, was CEO of Jefferson-Pilot, a
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
Leary CEO at ING
ING Investment Management, a global organization with $400 billion in assets under management and the
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.