WYOMISSING, Pa., Sept. 20 /PRNewswire-FirstCall/ -- William J. Moran,
retired executive vice president and general auditor from J.P. Morgan
Chase, was appointed today to Sovereign Bancorp's Board of Directors.
Moran, of Carmel, N.Y., served as executive vice president and general
auditor for J.P. Morgan Chase from 2001 until his retirement in 2005. Prior
to the merger with J.P. Morgan Inc., he was general auditor of the Chase
Manhattan Corporation, a position he held since 1992. He was named
executive vice president in 1997. Moran also held various other auditing
positions during his career.
Moran is a certified public accountant and a certified bank auditor.
Prior to joining Chase Manhattan Bank in 1975, he was with the accounting
firm of Peat, Marwick, Mitchell & Co. for nine years and was responsible
for audits of companies in several industries. His specialty was audits of
financial institutions.
Moran is a member of the American Institute of Certified Public
Accountants, the New York Society of Certified Public Accountants, the Bank
Administration Institute and the Institute of Internal Auditors. He serves
on the boards of several organizations.
"We are pleased to add someone of William Moran's caliber to our Board
of Directors," commented Jay S. Sidhu, Sovereign's Chairman and Chief
Executive Officer (CEO). "His extensive auditing background will provide
another perspective to our already diverse board."
Moran's appointment to Sovereign Bancorp's Board of Directors is in
accordance with a previously announced settlement agreement with Relational
Investors, LLC.
Also today, Sovereign Bancorp held its annual shareholders meeting in
Foxborough, Mass., where Brian Hard, Marian L. Heard, Cameron C. Troilo,
Sr. and Ralph V. Whitworth were re-elected to the board.
Hard, of Reading, Pa., has been director of Penske Corporation since
2001. In addition to his many duties as president of Penske Truck Leasing
Co., LP, Hard is responsible for oversight of its chief financial officer
and other senior accounting and financial officers. Hard was first elected
to the board in 1999 and has served as a director of Sovereign Bank since
1996.
Heard, of Natick, Mass., was first named to the Board of Directors of
Sovereign Bank in 2004. She was president and CEO of Oxen Hill Partners.
She also had been president and CEO of the United Way of Massachusetts Bay
and CEO of the United Way of New England for more than 10 years before her
retirement in 2004.
Troilo, of Yardley, Pa., is president and CEO of Cameron C. Troilo,
Inc., a holding company for various entities engaged in commercial real
estate development, construction, leasing and management businesses. Troilo
was elected to the board in 1997 and has served continuously as a director
of Sovereign Bank and its predecessor since 1974.
Whitworth, of San Diego, Calif., has been a principal of Relational
Investors, LLC, a private investment firm, since 1996. He is the former
chairman of the board of Apria Healthcare Group, Inc. and Waste Management,
Inc., and a former director of Mattel, Inc., Tektronix, Inc. and Sirius
Satellite Radio.
At the annual meeting, shareholders also approved a new non-employee
director compensation plan, ratified the appointment by the Audit Committee
of the Board of Ernst & Young LLP as Sovereign's independent auditors for
the year ending December 31, 2005, and rejected a shareholder proposal to
declassify Sovereign's board of directors.
About Sovereign
Sovereign Bancorp, Inc. ("Sovereign") (NYSE: SOV) is the parent company
of Sovereign Bank, an $89 billion financial institution with nearly 800
community banking offices, over 2,000 ATMs after giving effect to the
recently announced branding agreement in which Sovereign ATMs will be
placed in CVS/pharmacy locations and approximately 12,000 team members with
principal markets in the Northeast United States. Sovereign offers a broad
array of financial services and products including retail banking, business
and corporate banking, cash management, capital markets, wealth management
and insurance. Sovereign is the 17th largest banking institution in the
United States. For more information on Sovereign Bank, visit
http://www.sovereignbank.com or call 1-877-SOV-BANK.
SOURCE Sovereign Bancorp, Inc.
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Related links:
http://www.sovereignbank.com
CONTACT:
FINANCIAL CONTACTS: Mark McCollom,
+1-610-208-6426, mmccollo@sovereignbank.com, or Stacey Weikel,
+1-610-208-6112, sweikel@sovereignbank.com; MEDIA CONTACT: Ed
Shultz, +1-610-207-8753, eshultz1@sovereignbank.com, all of
Sovereign
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