CHARLOTTE, N.C., Sept. 16 /PRNewswire-FirstCall/ -- Wachovia today
named Kenneth J. Phelan, 49, Chief Risk Officer. He will join the company
in early October. Phelan has more than 20 years of experience in the
financial services industry and was most recently head of Risk Management
Services at J.P. Morgan Chase. Phelan will report to Wachovia President and
CEO Robert K. Steel.
"Ken's deep commercial banking experience, strong leadership skills and
broad understanding of risk management make him the perfect candidate for
the Chief Risk Officer role," said Steel. "He has experience managing a
variety of risk management disciplines across large and complex businesses
and driving a strong and rigorous risk culture. We are extremely pleased
that an individual with Ken's expertise and proven track record is joining
Wachovia in this important capacity. I know Ken will be a great addition to
the team."
As Chief Risk Officer, Phelan has leadership responsibility for credit
risk management, market risk management and operational risk management
across all lines of business. He will oversee risk strategy, risk policy,
risk analytics and modeling, portfolio methodology and risk reporting for
the corporation.
"I am honored to join Wachovia as Chief Risk Officer," Phelan said.
"Wachovia is a strong industry player with a great mix of core businesses
in highly desirable markets. I am impressed with management's commitment to
risk management best practices, and I look forward to working with the
management team to drive profitability, enhance risk controls across the
firm and restore confidence and value for shareholders."
Phelan has a robust background in risk management and a long and
distinguished career in commercial banking. As head of Risk Management
Services for J.P. Morgan Chase, he led corporate risk functions including
risk policy, risk analytics and operational risk. Prior to this role, he
served from 2001 to 2004 as head of risk strategy development and head of
market risk for Bank One, where he was also Chairman of the Board of Bank
One Investment Advisors. From 1996 to 2000 he worked with UBS as head of
global loan portfolio risk management and hedging. His previous experience
also includes leadership roles in capital markets businesses with Credit
Suisse First Boston between 1986 and 1996.
Phelan holds a law degree from Villanova University School of Law, a
master's degree in Economics from Trinity College in Dublin, Ireland, and a
bachelor's degree in Business Administration from Old Dominion University.
Phelan replaces Don Truslow, who recently announced his retirement from
Wachovia.
About Wachovia
Wachovia Corporation (NYSE: WB) is one of the nation's largest
diversified financial services companies, with assets of $812.4 billion and
market capitalization of $33.5 billion at June 30, 2008. Wachovia provides
a broad range of retail banking and brokerage, asset and wealth management,
and corporate and investment banking products and services to customers
through 3,300 retail financial centers in 21 states from Connecticut to
Florida and west to Texas and California, and nationwide retail brokerage,
mortgage lending and auto finance businesses. Globally, clients are served
in selected corporate and institutional sectors and through more than 40
international offices. Our retail brokerage operations under the Wachovia
Securities brand name manage more than $1.1 trillion in client assets
through 14,600 financial advisors in 1,500 offices nationwide. Online
banking is available at wachovia.com; online brokerage products and
services at wachoviasec.com; and investment products and services at
evergreeninvestments.com.
SOURCE Wachovia Corporation
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Related links:
http://www.wachovia.com
CONTACT:
Media, Carrie Ruddy, +1-704-383-5392,
Investors, Alice Lehman, +1-704-374-4139, Ellen Taylor,
+1-212-214-1904, all of Wachovia Corporation
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