Meritor Names Cullen President
Louis T. Cullen, executive vice president and head of retail banking at Meritor Savings Bank, was named president and chief operating officer on Thursday.
Mr. Cullen, 57, was also designated a director of the Philadelphia thrift, which has $6.3 billion in assets.
The promotion makes Mr. Cullen a clear No. 2 to Roger S. Hillas, who said he will continue as chairman and chief executive officer until June 30, 1993.
High Is Tapped to Be CFO
Mr. Hillas also announced the appointment of Michael B. High, 43, as executive vice president and chief financial officer.
Mr. Hillas described Mr. Cullen as well suited for the position because he headed Meritor's retail business for four years and played a vital role in the company's downsizing and restructuring.
Mr. Cullen joined Meritor in 1984 as president of a consumer credit company acquired from General Electric Capital Corp., where he worked for 28 years. He became executive vice president of the retail banking division in 1987.
Mr. High joined Meritor in 1982 as vice president for corporate development at the time of its merger with Western Savings Bank. He was a senior vice president until his latest promotion, which Mr. Hillas said "will expand his line responsibilities."
Meritor has divested nonbanking operations in recent years, and is left with 28 offices after selling much of its retail branch network to Mellon Bank Corp.