Coulter Takes Over as BankAmerica Chairman, Praises Rosenberg for Growing the Franchise.SAN FRANCISCO--(BUSINESS WIRE)--May 23, 1996--"What we have accomplished during the last five years is the building of what just might be the best franchise in American banking," BankAmerica Corporation 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. David A. Coulter told shareholders assembled as·sem·ble v. as·sem·bled, as·sem·bling, as·sem·bles v.tr. 1. To bring or call together into a group or whole: assembled the jury. 2. for the company's annual meeting here today. At the close of the meeting, former CEO Richard M. Rosenberg handed over the gavel gavel small mallet used by judge or presiding officer to signal order. [Western Culture: Misc.] See : Authority to Coulter, who also succeeds Rosenberg as chairman of the 92-year old banking company -- the nation's third- largest. Coulter praised Rosenberg for his role in increasing both the size and 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. of the company -- and for improving BankAmerica's financial performance. "Here's what the numbers show," Coulter said. "Revenue increased 109 percent between 1990 and 1995. After adjusting for a tax credit we received in 1990, net income increased more than 200 percent, and earnings per share increased 69 percent. "Market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. more than tripled from 1990 to 1995." Coulter, who succeeded Rosenberg as CEO in January, said his goal is to make BankAmerica "the best place to bank, the best place to work, and the best place to continue to invest. "To me, that means keeping our focus on providing customers the services they want, when, where, and how they want them," he said. "It means recruiting the most talented people in the business, motivating them to do their best work, recognizing their efforts, and rewarding them appropriately. "Above all," he told shareholders, "it means running the bank for you, the shareholders: weighing all of our decisions according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the impact they will have on long-term shareholder value, investing only in those businesses which we believe can give us an appropriate long-term return for the risk involved, and showing you with our results that BankAmerica Corporation is a place in which you want to continue to invest." CONTACT: BankAmerica Corp. Peter Magnani, 415/953-2418 Richard Beebe Richard Beebe (c. 1930-August 29, 1998) was on the air for five decades in Los Angeles and won two Golden Mic Awards. It was his experience and wit that moulded The Credibility Gap into its famous four man group. , 415/953-2760 |
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