Metavante Holding Co., which is set to be spun off from Marshall & Ilsley Corp. of Milwaukee on Thursday, said Monday that it has selected its board.
M&I's chairman, Dennis J. Kuester, has been named Metavante's chairman. Frank R. Martire, Metavante's president and chief executive; Michael D. Hayford, its chief operating officer; and Ted D. Kellner would retain their seats on its board. All four have been Metavante directors since May, and Mr. Kellner sits on M&I's board.
Three people joined the board last week: Dale Crandall, the former president and chief operating officer of Kaiser Foundation Health Plan Inc.; Stephan A. James, the former chief operating officer of Accenture Ltd.; and Dianne M. Neal, an executive vice president and the chief financial officer of Reynolds American Inc.
When the spinoff is complete three executives from the private-equity company Warburg Pincus LLC — David A. Coulter, James Neary, and Adarsh Sarma — would join the board. Warburg Pincus has agreed to purchase 25% of Metavante as part of the spinoff.
Metavante Holding would be renamed Metavante Technologies Inc. after the spinoff. Its main unit is the banking technology company Metavante Corp.
