Rockefeller & Co. Names James S. McDonald President, Chief Executive Officer.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 12, 2000

Abby M. O'Neill, chairman, and William L. Asmundson, president and chief executive officer, of Rockefeller & Co., today announced that its Board of Directors named James S. McDonald to succeed Mr. Asmundson as president and CEO. Rockefeller & Co. manages the investments and affairs of the Rockefeller Family as well as other wealthy families and institutions.

Mr. McDonald is currently president and chief executive officer of Pell, Rudman & Co., Inc., a major wealth management company in Boston, MA., which specializes in managing assets for high net worth individuals, families and selected institutional clients.

In announcing Mr. McDonald's appointment, Mrs. O'Neill said, "Jim McDonald is a proven professional in understanding, managing and serving the unique wealth management needs of affluent families and institutions. His rich experience in overseeing a broad spectrum of trust and investment services, in both domestic and international markets, provides us with precisely the leadership we need to carry out our business plan, developed under Bill Asmundson, and continue the momentum that Bill has spearheaded."

Mr. Asmundson said, "Jim's track record in building client relationships, particularly in the context of affluent families, will be especially valuable in helping Rockefeller & Co. expand its leadership in this area."

Mr. McDonald said, "Rockefeller & Co. has established a strong platform under Bill's leadership. I am looking forward to building on this base, adding to the professional team and capitalizing on one of the most respected names in the worlds of investment, philanthropy and wealth management."

James S. McDonald

Mr. McDonald joined Pell Rudman in 1986 to lead the firm's development of trust capabilities. In 1988, he was named president of Boston Harbor Trust Company, N.A., predecessor of Pell Rudman Trust Company, N.A. In 1993, he was named chief operating officer of Pell Rudman, and five years later, he was named the company's CEO.

Prior to joining Pell Rudman, Mr. McDonald was a partner with the Boston law firm of Choate, Hall & Stewart, which he joined in 1977.

Mr. McDonald received the J.D. degree in 1977 from the University of Virginia and the A.B. degree in 1974 from Harvard College.

Rockefeller & Co.

Rockefeller & Co. was founded in 1979 by Laurance S. Rockefeller, David Rockefeller and the widows of John D. Rockefeller 3rd and Nelson A. Rockefeller, as successor to the family office founded by John D. Rockefeller in 1882. The firm manages assets for individual Rockefeller family members, foundations, endowments and other prominent U.S. and international families.

The firm's expertise encompasses U.S. international global publicly traded equities, both large and small capitalization, and access to alternative investments, including venture capital. Rockefeller & Co. also provides asset allocation and a broad range of financial counseling services.

Mr. Asmundson has served as Rockefeller & Co. CEO since 1998. He joined Rockefeller & Co. in 1984 as an investment manager, after serving as executive vice president of Rothschild Asset Management for nine years. Under his leadership, Rockefeller & Co. has grown to more than $5 billion in assets under management. Mr. Asmundson has agreed to become vice chairman and remain on the Rockefeller & Co. Board of Directors.