BankAmerica Board Names David Coulter to Succeed Dick Rosenberg.SAN FRANCISCO--(BUSINESS WIRE)--Aug. 8, 1995--The Board of Directors of BankAmerica Corporation and Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. NT&SA has appointed Vice Chairman David A. Coulter to succeed Richard M. Rosenberg as President and Chief Executive Officer of the corporation and its principal subsidiary. Coulter will become President immediately, and assume the chief executive officer's title on January 1, 1996. Rosenberg will relinquish those titles and remain as Chairman of the Board into the second quarter of next year. "Dave will make a superb leader for the company at this time of unprecedented change in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry," said Rosenberg. "He is well grounded in the key functions of the bank, has led very successful operations in the bank, and he has played a critical role in senior management through a crucial period in the bank's history." Coulter's appointment is the culmination of more than a year-long review process by the company's board of directors during which several candidates were considered. Philip Hawley, the board's Chairman of the Executive Personnel & Compensation Committee said, "The board believes Dave has the leadership qualities and experience essential for implementing BankAmerica's long-term strategy in the coming years." Most recently, as the head of BankAmerica's U.S. Corporate and International Groups, Coulter has held broad responsibilities for the bank's large corporate, financial, and government clients both domestically and internationally. Previously, he managed the bank's investment banking, trading and commercial banking businesses as the head of the bank's U.S. Division. Coulter joined the bank in 1976 as a financial consultant and since then has held important positions in Corporate Planning, Treasury, World Banking and Capital Markets. "Dave has been at the forefront of BankAmerica's growth as a leader in domestic and international corporate banking. He has successfully guided our wholesale operations in gaining the top position in primary banking relationships with major U.S. companies. It is an excellent record of achievement that will serve him well as he takes on the new role as President of BankAmerica," Rosenberg said. Coulter is a director of a number of BankAmerica's business subsidiaries as well as a director of the Private Export Funding Corporation Private Export Funding Corporation (PEFCO) Company that mobilizes private capital for financing the export of big-ticket items by US firms by purchasing at fixed interest rates the medium- to long-term debt obligations of importers of US products. , Local Initiatives Support Corporation, Joint Venture Silicon Valley Network Board and the Institute of International Finance. He also serves as a member of the Bankers Roundtable and is on the boards of the San Francisco Art Institute This article describes the San Francisco Art Institute, which should not be confused with the unaffiliated Art Institute of California - San Francisco. Founded in 1871, the San Francisco Art Institute (SFAI) is one of the U.S. , the San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden Zoological Society, and the Fine Arts Museums Institute of San Francisco. Born in Pittsburgh, Coulter holds a bachelor's degree in mathematics and a master's degree master's degree n. An academic degree conferred by a college or university upon those who complete at least one year of prescribed study beyond the bachelor's degree. Noun 1. in industrial administration, both from Carnegie-Mellon University in Pittsburgh. In turning over the leadership of BankAmerica to Coulter, Rosenberg concludes a period at the helm of the nation's second largest bank holding company characterized by building -- both of the franchise and of financial returns. As Rosenberg has increased BankAmerica's presence -- particularly in the Western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century , Midwest, and corporate markets -- its assets and net income have virtually doubled. Its equity, credit quality and earnings diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. have all strengthened, and shareholders have seen significant increases in the bank's stock price and its common stock dividend. At the same time, Bank of America has launched many community lending programs that have been praised by community and government leaders and the company has twice received outstanding ratings for its compliance with the Community Reinvestment Act Community Reinvestment Act (CRA) Enacted by Congress in 1977, the CRA encourages banks to help meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate incomes, while maintaining safe and sound operations. . CONTACT: BankAmerica Corporation John Keane John Keane is the name of:
Peter Magnani, 415/953-2418 |
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