Bear Stearns Elects Paul A. Novelly A Director of the Corporation; Appointment Increases Board Of Directors To 12 Members.Business Editors NEW YORK--(BUSINESS WIRE)--June 20, 2002 The Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. Companies Inc. (NYSE NYSE See: New York Stock Exchange :BSC (Binary Synchronous Communications) See bisync. ) announced today that Paul A. (Tony) Novelly has been elected to its Board of Directors. Mr. Novelly is the chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of privately-owned Apex Oil Company Inc. Through Apex and its many subsidiaries, he controls companies involved in nearly all aspects of the petroleum industry. Mr. Novelly is also involved in the development of commercial and residential real estate. He formerly owned Copper Mountain Resort in Colorado and he remains a director of its current owner, Intrawest Corporation of Vancouver, Canada. Commenting on the addition, James E. Cayne, Bear Stearns chairman and chief executive officer, said, "We are extremely fortunate to have someone of Tony's caliber joining our board. He has served as a director of numerous other public companies and serves as a chairman and CEO in his own right. His depth of experience across a wide array of industries will no doubt be a valuable addition to the considerable talent we already have on our board." In addition to serving on the board of Bear Stearns and Intrawest, Mr. Novelly is also on the board of directors of Boss Holdings, Inc (gloves and industrial apparel) and Coastcast Corporation (golf club components). His former public directorships include Imperial Bancorp (Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. bank holding company), American Barrick Corporation (Toronto gold mining company) and TrizecHahn Corporation (Canadian petroleum refiner and real estate holding company). Mr. Novelly's appointment increases to 12 the number of board members of The Bear Stearns Companies Inc. Founded in 1923, The Bear Stearns Companies Inc. is the parent company of Bear, Stearns & Co. Inc., a leading investment banking and securities trading securities trading, financial activity involving transactions of property such as stocks, bonds, commodities, and currency (see securities). Although the trading of stocks and bonds dates back several centuries in many Western nations, the development of the and brokerage firm serving governments, corporations, institutions and individuals worldwide. With approximately $31.0 billion in total capital, the company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers prime broker and broker dealer clearing services, including clearing and securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. . Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the company has approximately 10,500 employees worldwide. For additional information about Bear Stearns, please visit our Web site at http://www.bearstearns.com. |
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