CHARLOTTE, N.C. - The list of 105 second-level executives named Tuesday by First Union Corp. and Wachovia Corp. codified post-merger leadership in the new Wachovia and signaled that First Union intends to keep control of some of the biggest operations.
First Union executives were named to two of the three second-level jobs in the general bank, including retail banking - considered a trouble spot for First Union - as well as key jobs in investment banking, brokerage, and corporate treasury. All those named will report to top-tier leaders already picked since the two North Carolina companies announced their $14.6 billion "merger of equals" on April 16.
In publishing their new second-level lineup, the companies did not identify which bank each executive comes from. But the list appears to show that, as with top leadership already announced, many of the most critical positions are going to First Union employees.
While the two companies will split board seats evenly, First Union dominated the ranks of top executives previously named, taking 10 of 16 top jobs.
Mary Eshet, a First Union spokeswoman, said the latest list reflects a pledge by top executives to pick leaders, business models, and systems from both sides. "The team we have at this level is very indicative of the open process we went through and the commitment to approaching this as a true merger of equals," Ms. Eshet said.
The companies have chosen key personnel quickly as they try to put leadership in place before they consummate their merger. That could come as early as this weekend, creating the nation's fourth-largest financial institution, with 19 million customers, $328 billion of assets, and No. 1 shares in many East Coast markets. Although First Union is the acquirer, the new company will take Wachovia's name, and as early as Tuesday its shares will begin trading under Wachovia's "WB" stock symbol.
The companies considered incumbents as the jobs were filled, but others were allowed to apply. Wachovia chairman and chief executive L.M. "Bud" Baker Jr., who will be the chairman of the new company, and First Union chairman and chief executive G. Kennedy Thompson, the new organization's chief executive, gave final approval.
"I am confident in the talent of this team and its ability to ensure the new Wachovia is a fierce competitor in financial services," Mr. Thompson said in a press release. "This new leadership reflects the combination of two powerful teams and will make us stronger than we were before our plans to merge."
Among the most closely watched positions were those in the general bank, which will be the largest part of the new Wachovia. Reporting to First Union's Benjamin P. Jenkins, the head of the combined general bank, will be: Cece Sutton, who ran First Union's retail banking operations and keeps that job in the new company; Mike Slocum, also of First Union, who will be the bank's head of real estate financial services; and Wachovia's Walter McDowell, who will oversee wholesale banking, which includes services for small and midsize companies.
The companies previously announced regional bank chiefs, splitting those jobs between First Union and Wachovia executives. In an interview last week, Mr. Jenkins said he wants to take advantage of both Wachovia's reputation for customer service and First Union's sales models as he builds a new general banking operation.
"We believe we can build a company that provides stellar service and has strong sales and distribution capabilities," Mr. Jenkins said.
While the companies plan to eliminate 7,000 jobs as they develop a single new lineup, some who weren't picked to keep their jobs wound up with other positions in the new company. Beverly B. Wells, who currently runs Wachovia's retail bank, will become general bank product executive.
While First Union treasurer Tom Wurtz will keep his job, with the new title of head of treasury and planning, his counterpart at Wachovia, comptroller David L. Gaines, shifts to a job as senior risk office for capital markets. He will work alongside John Bresnan of First Union, who becomes chief risk officer capital markets.
Also, Lawrence G. Baxter, Wachovia's e-business executive, becomes the e-commerce executive in the new company, reporting to Jean Davis of Wachovia, who will be its head of technology, e-commerce and operations.
Meanwhile, the new company's corporate and investment banking group will borrow heavily on years of expertise and acquisitions by First Union. Kevin Roche of First Union will be the head of investment banking, reporting to W. Barnes Hauptfuhrer and Steve Cummings, two First Union executives and co-heads of the group. Also named Tuesday were: Steve Kohlhagen, currently the managing director of fixed-income at First Union, as the head of fixed-income; and Mickey Misera, currently a First Union managing director and the head of equity capital markets, as the new company's head of equity capital markets. Wachovia's Ranjana Clark was named the head of treasury services.
Danny Ludeman, now the president and chief executive of First Union Securities' brokerage group, will run the new company's brokerage, reporting to Donald A. McMullen Jr. of First Union, who will head the capital management group.
Robert Kniejski, who is now executive vice president and the head of asset and wealth management at Wachovia, will be the chief operating officer of wealth management, reporting to Stanhope A. Kelly, the Wachovia executive previously named to run the unit.
