Amex Names Chief Information Officer
NEW YORK - American Express Co. named Glen Salow chief information officer to succeed Allan Loren, who is retiring in May.Mr. Salow, who was also named executive vice president, had been senior vice president of technology, supporting Amex's electronic commerce activities as well as the U.S. card and travel services businesses. Mr. Loren has been chief information officer since 1994 and plans to work for Amex part-time as a senior consultant, said Amex spokeswoman Molly Faust.
Kenneth I. Chenault, president and chief operating officer, said, "The job of CIO is critical to the future of American Express, given our need to ensure that we have a state-of-the-art technology infrastructure to support our growth strategies and our aggressive plans for using the Internet."
Mr. Salow joined Amex in 1997 from Aetna Retirement Services, where he was chief information officer.
- Lisa Fickenscher
PNC Real Estate Unit CEO to Retire
PITTSBURGH - PNC Financial Services Group said Friday that Bruce E. Robbins will retire June 30 as chief executive officer of PNC Secured Finance and PNC Real Estate Finance and that it is making several related executive changes.Mr. Robbins, 55, joined the PNC Bank Corp. parent in 1973 and was named to his current position in 1996.
Michael J. Hannon will become president of PNC Real Estate Finance, reporting to PNC vice chairman Walter E. Gregg Jr.
William A. Kosis will continue as president of PNC Business Credit, a subsidiary of PNC Secured Finance. He will report to PNC president James E. Rohr after Mr. Robbins' retirement.
James W. Meighen will continue as president of PNC Leasing LLC, a subsidiary of PNC Secured Finance, and will report to Ralph S. Michael 3d, CEO of PNC Corporate Banking.
Mich. Financial-Wells Deal Gets Approval
MARQUETTE, Mich. - Michigan Financial Corp. shareholders approved the stock-swap acquisition of the company by Wells Fargo & Co.The exchange ratio will be between 0.675 and 0.685 Wells Fargo shares for each Michigan share, Michigan Financial said Friday. Calculated by Wells Fargo's share price of $39.25 early Friday afternoon, the transaction would be valued between $172.7 million and $176.6 million.
When the deal was announced in November, it was valued at about $208.5 million.
The deal is expected to close March 30.
- Dow Jones
Union Planters CEO Got No Bonus In 1999
MEMPHIS - B.W. Rawlins Jr., chairman and chief executive officer of Union Planters Corp., received no bonus in 1999, dropping his total compensation for the year in half.Mr. Rawlins made $770,000 in salary last year, according to the company's proxy statement filed on Friday. That compares to the $1.31 million in salary and bonus he received during 1998.
The $33 billion-asset company caught analysts off guard in January when it reported earnings for the quarter that missed estimates by 12 cents per share, making it the only one of the nation's 25 largest bank companies to miss expectations by more than a penny. Analysts complained at the time that the company had not delivered expected cost cuts.
Mr. Rawlins was not the only key executive to get a pay cut. J.W. Moore, president and chief operating officer of the company, made $540,000 in salary but no bonus, dropping him below the $930,000 in salary and bonus he made in 1998. And chief financial officer Jack Parker's bonus was reduced from $125,000 to $25,000 last year, cutting his total cash and bonus compensation from $360,000 in 1998 to $280,000 in 1999.
- Louis Whiteman