Capital One (COF) is expanding its board of directors with the addition of two banking industry veterans, including a former top official of the Consumer Financial Protection Bureau.
Benjamin Jenkins, former vice chairman of Wachovia and president of its general bank, and Catherine West, managing director at the consulting firm Promontory Financial Group, have been appointed to the bank’s board, Capital One said Wednesday. With their addition, the board will increase to eleven members. Jenkins and West will stand for election at a shareholder meeting in May.
West joined Promontory last April, after serving as associate director and chief operating officer of the CFPB. She was president for Capital One's U.S. card business before leaving the company in 2006.
Jenkins retired from Wachovia in late 2008, as Wells Fargo (WFC) bought the bank at the height of the financial crisis. His most recent position in the financial services industry was as senior advisor, managing director and vice chairman for retail banking at Morgan Stanley, a role he held until January 2011.
Capital One paid its eight independent directors, excluding Chairman, President and Chief Executive Richard Fairbank, between $270,000 and $335,000 in 2011, according to its most recent proxy.
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