Veteran Providian Executive Takes on New Role as Vice Chairman, Enterprise
Risk Management
SAN FRANCISCO, Aug. 19 /PRNewswire-FirstCall/ -- Providian Financial
Corporation (NYSE: PVN) Chairman and Chief Executive Officer Joseph Saunders
today announced that credit card industry executive Chaomei Chen will join
Providian as Vice Chairman, Credit and Collections beginning August 26, 2002.
The Company also announced today that Vice Chairman Jim Jones will lead the
newly-formed Enterprise Risk Management group.
Chen comes to Providian from Fleet Credit Card Services, where she most
recently served as Executive Vice President and Chief Credit Officer,
overseeing Credit Policy, Collection and Recovery, and Credit Operations.
Prior to that, Ms. Chen spent several years filling similar roles at PNC
National Bank, Household Credit Services, American Express and Citicorp.
"Joe has established a clear direction and the right strategy for the
business," said Chen. "I am excited and energized about this opportunity. I
am also very pleased to be part of Joe's leadership team, which has a track
record of taking on challenges and winning."
Providian Vice Chairman Jim Jones moves into a new position as head of
Enterprise Risk Management, where he will be responsible for monitoring the
business risk associated with the Company's entire enterprise.
"My role will be to ensure the efficacy of the Company's infrastructure
and to ensure that we have the proper policies, procedures and safeguards in
place in order to properly run our business."
Jones most recently oversaw Credit and Collections, and prior to that was
President of Providian's International Business.
"I believe we have in place a senior management team that rivals anyone in
the industry," said Saunders. "I'm very pleased that so many talented,
experienced individuals have joined together to build a new Providian."
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
experience, analysis, technology and outstanding customer service, Providian
seeks to build long-lasting relationships with its customers by providing
products and services that meet their evolving financial needs. One of
America's largest bankcard issuers, Providian has approximately $20 billion in
managed receivables and 13 million customer accounts.
Forward-Looking Disclosure
Certain statements contained in this press release are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
and are subject to the "safe harbor" created by those sections. Forward-
looking statements include expressions of "belief," "anticipation," or
"expectations" of management, statements as to industry trends or future
results of operations of the Company, and other statements that are not
historical fact. Forward-looking statements are based on certain assumptions
by management and are subject to risks and uncertainties that could cause
actual results to differ materially from those in the forward-looking
statements. These risks and uncertainties include, but are not limited to:
competitive pressures; factors that affect delinquency rates, credit loss
rates, liquidity 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 applicability or specific
to the Company, including restrictions and/or limitations on the Company's
minimum capital requirements, deposit taking abilities, reserve methodologies,
dividend policies and payments, growth, and/or underwriting criteria; year-end
audit adjustments; changes in accounting rules, policies, practices and/or
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. These and other risks and uncertainties are described
in detail in the Company's Annual Report on Form 10-K for the fiscal year
ended December 31, 2001 under the heading "Cautionary Statements" and "Risk
Factors." Readers are cautioned not to place undue reliance on any forward-
looking statement, which speaks only as of the date thereof. The Company
undertakes no obligation to update any forward-looking statements.
SOURCE Providian Financial Corporation
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Related links:
http://www.providian.com
CONTACT:
Alan Elias, +1-415-278-4189, or Laurel
Munson, +1-415-278-4770, both of Providian Financial Corporation
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