MBNA Corp. said on Friday that its founder and chief executive would retire at yearend. Charles Cawley, 63, founded the credit card issuer in 1982 as a subsidiary of Maryland National Corp. He had been president since its spin-off in 1991 and added the CEO title a year ago.
In a press release, the Wilmington, Del., credit card issuer said the retirement and related promotions were part of "the planned transition of senior management announced in June 2002."
Bruce Hammonds, 55, succeeds Mr. Cawley. Mr. Hammonds was previously the chairman and CEO of MBNA's main subsidiary, MBNA America Bank. Those titles were taken over by John Cochran, 52, the bank's president.
