Sovereign Bancorp (SOV) Appoints Paul A. Perrault President and Chief Executive Officer

September 30, 2008 1:09 PM EDT

Sovereign Bancorp Inc., (NYSE: SOV) has named Paul A. Perrault President and Chief Executive Officer, effective January 3, 2009. As part of the management change, Kirk W. Walters, Sovereign's Executive Vice President and Chief Financial Officer, is being promoted to Senior Executive Vice President, Chief Financial Officer and Chief Administrative Officer. Also effective today, Mr. Walters will begin serving as interim President and CEO until Mr. Perrault joins the Company. Mr. Perrault will replace Joseph P. Campanelli who is leaving the bank to pursue other family and business interests. Mr. Campanelli has served as Sovereign's President and Chief Executive Officer since October of 2006.

Directors Gonzalo de Las Heras, Ralph V. Whitworth and Brian Hard comprised the board's executive search committee. Director de Las Heras is an executive vice president of Banco Santander, S.A., which owns 24.9 percent of Sovereign. Director Whitworth is Principal of Relational Investors, LLC, which owns 9.8 percent of Sovereign. Director Hard is President of Penske Truck Leasing.[SM]

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Management Changes

Stocks Mentioned

Related Entities

• Relational Investors LLC
• Ralph V. Whitworth

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