Business & Finance
Business and Finance
Business and Finance
Thu, July 22, 2010
Wed, July 21, 2010 
WILMINGTON, Del.--([ BUSINESS WIRE ])--The Board of Directors of Wilmington Trust Corporation (NYSE:WL) today announced that it unanimously elected Wilmington Trusta™s chief executive officer and director, Donald E. Foley, as chairman of the Board of Directors, effective immediately. Mr. Foley, 58, became the companya™s chief executive officer on June 3, 2010, following Ted T. Cecalaa™s retirement from that position. Mr. Cecalaa™s retirement as chairman was effective on July 19, 2010.
"We are delighted to have Don at the helm"
aWe are delighted to have Don at the helm,a said Gailen Krug, who chairs the Nominating and Corporate Governance Committee. aHe has a firm grasp of our businesses, he has provided wise counsel and guidance to the Board over the years, and we are confident in his ability to lead our company.a
Mr. Foley said, aI am honored to lead this great organization as chairman and CEO. My immediate priorities include managing credit risk, returning the company to profitability, and leveraging our successful business model. We have competitive advantages in each of our three businesses, Corporate Client Services, Wealth Advisory Services, and Regional Banking, which distinguishes us from most other regional banks.a
In addition to electing Mr. Foley chairman, the Board of Directors also elected The Honorable Louis J. Freeh to succeed Ms. Krug as lead independent director. Mr. Freeh, 59, has been a Wilmington Trust director since 2009.
About Donald E. Foley
Mr. Foleya™s career spans more than 37 years of experience in global financial and risk management for U.S. Fortune 500 companies. Prior to becoming CEO of Wilmington Trust, Mr. Foley was senior vice president and treasurer of ITT Corporation, an $11 billion diversified manufacturing company. In that role, he was responsible for financial risk management and ITTa™s capital structure, financing, and cash management activities. He oversaw capital markets financing structures that minimized funding costs and maximized return on capital. He also was chief investment officer and chairman of the investment committee for ITTa™s $7.5 billion of retirement plan assets, and he was honored by Institutional Investor, Money Management Letter, and Alternative Investment News for excellence in investment management. Mr. Foley was elected to Wilmington Trusta™s Board of Directors in July 2006 and chaired the Audit Committee for two years.
Prior to ITT, Mr. Foley held global capital markets, treasury, and tax-related positions at International Paper Company, Mobil Corporation, and General Electric Company, where he attended the prestigious Financial Management Training Program. He earned an MBA with honors in Finance from New York University and a Bachelora™s degree with honors in Economics from Union College in Schenectady, New York, where he serves on the Presidenta™s Council.
About Louis J. Freeh
Mr. Freeh began his career in 1975 as a special agent for the FBI. In 1981, he joined the U.S. Attorneya™s Office for the Southern District of New York, where he was appointed U.S. district court judge in 1991. In 1993, Mr. Freeh was appointed by President William J. Clinton as the tenth director of the FBI, a position he held for eight years. Upon leaving the FBI in 2001, Mr. Freeh began a private sector career as vice chairman, general counsel, and ethics officer for MBNA America Bank, N.A., in Wilmington. He is founder and senior managing partner of Freeh Group International, LLC, also based in Wilmington, and its affiliated law firm, Freeh Sporkin & Sullivan, LLP, which is based in Washington, D.C.
Mr. Freeh graduated Phi Beta Kappa from Rutgers University in 1971. He received his Juris Doctor (J.D.) degree from Rutgers Law School in 1974 and his Master of Laws (LL.M.), in criminal law, from New York University Law School in 1984.
About Wilmington Trust
Wilmington Trust Corporation (NYSE:WL) is a financial services holding company that provides Regional Banking services throughout the mid-Atlantic region, Wealth Advisory services to high net worth clients in 36 countries, and Corporate Client services to institutional clients in 89 countries. Its wholly owned bank subsidiary, Wilmington Trust Company, which was founded in 1903, is one of the largest personal trust providers in the United States and the leading retail and commercial bank in Delaware. Wilmington Trust Corporation and its affiliates have offices in Arizona, California, Connecticut, Delaware, Florida, Georgia, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the Channel Islands, London, Dublin, Frankfurt, Luxembourg, and Amsterdam. For more information, visit [ www.wilmingtontrust.com ].
