CEO and President Joseph Saunders Assumes Role of Chairman;
New Director Joins Providian's Board
SAN FRANCISCO, May 8 /PRNewswire-FirstCall/ -- Providian Financial
Corporation (NYSE: PVN) today held its fifth annual shareholders meeting at
the Museum of Modern Art in San Francisco.
Joseph Saunders was elected Chairman of the Board, replacing David
Grissom, who will remain a Providian Financial board member. Grissom was
appointed Chairman in October 2001, following the announcement by previous
CEO Shailesh Mehta of his decision to step down. Mr. Saunders' appointment is
effective today.
"David Grissom stepped in and exercised leadership at a very difficult
time in the Company's history. The Board and I are grateful for his service
as Chairman," said Joe Saunders, Providian chairman, president and CEO.
Richard D. Field was nominated and confirmed by the Board as a new
Director. Mr. Field has a long history in banking, having served almost
20 years as a senior vice president and then senior executive vice president
for The Bank of New York Company, Inc. Mr. Field's previous experience
includes positions at Chase Manhattan Corporation and Citicorp. Mr. Field,
whose appointment to the Providian Board is effective today, also currently
sits on the board of LendingTree, Inc.
Providian shareholders also reconfirmed returning board members, Mr. James
Elliott and Ms. Ruth Owades for terms of three years each. Ernst & Young, the
Company's current auditor, was also ratified to remain its independent auditor
for the 2002 calendar year.
"I look forward to having Mr. Field serve as a Providian board member and
am grateful that Mr. Elliott and Ms. Owades have been reconfirmed. Together,
we will continue our efforts to return the Company to solid profitability and
to rebuild shareholder value," said Saunders.
About Providian
San Francisco-based Providian Financial is a leading provider of credit
cards and deposit products to customers throughout the U.S. By combining
knowledge, analysis and technology, Providian builds long-lasting
relationships with its customers through products and services to meet their
evolving financial needs. One of America's largest bankcard issuers,
Providian has more than $22 billion in managed receivables and over 15 million
customer relationships.
Forward looking statement disclaimer:
This release contains forward-looking statements as to the Company's
expectations, intentions and goals that are subject to the "safe harbor"
provisions created by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include expressions of "belief," "expectations,"
"intentions" and other words of similar import, statements as to industry and
economic trends and future results of the Company, and other statements that
are not historical facts. Such forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Among the
significant risks and uncertainties are: competitive pressures; factors that
affect delinquency rates, credit loss rates and charge-off rates; general
economic conditions; consumer loan portfolio growth; changes in the cost
and/or availability of funding due to changes in the deposit, credit or
securitization markets; changes in the way in which the Company is perceived
in such markets and/or conditions relating to existing or future financing
commitments; the effects of government policy and regulation, whether of
general application or specific to the Company, including restrictions and/or
limitations relating to the Company's minimum capital requirements, deposit
taking abilities, growth, reserving methodologies, dividend policies and
payments, growth, and/or underwriting criteria; changes in accounting rules,
policies, practices and procedures; product development; legal and regulatory
proceedings, including the impact of ongoing litigation; interest rates;
acquisitions; one-time charges; extraordinary items; the ability to attract
and retain key personnel; the impact of existing, modified or new strategic
initiatives; and international factors. Readers are cautioned not to place
undue reliance on forward-looking statements, which speak only as of the date
thereof. The Company undertakes no obligation to update any forward-looking
statements. More information on risks and uncertainties relating to the
Company are available in the Company's filings with the Securities and
Exchange Commission, including its annual report on Form 10-K, quarterly
reports on Form 10-Q, and current reports on Form 8-K.
SOURCE Providian Financial Corporation
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Related links:
http://www.providian.com
CONTACT:
Media, Laurel Munson, +1-415-278-4770, or
Alan Elias, +1-415-278-4189, or Investors, Jack Carsky,
+1-415-278-4977, or Bill Horning, +1-415-278-4602, all for
Providian Financial Corporation
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