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UNION BANK ANNOUNCES CHANGES TO EXECUTIVE ORGANIZATIONAL STRUCTURE
For Immediate Release
Stephen L. Johnson
Daniel W. Weidman
San Francisco, November 17, 2009 -- UnionBanCal Corporation and its primary subsidiary, Union Bank, N.A., today announced several changes to its senior executive management structure, following yesterday’s announcement of Vice Chairman and Chief Operating Officer Philip B. Flynn’s retirement. The following changes are effective immediately:
- Senior Executive Vice President Timothy H. Wennes, head of the Retail Bank, will assume a new role of Chief Retail Banking Officer and will report directly to President and Chief Executive Officer Masaaki Tanaka. The bank’s Corporate Social Responsibility division will now report to Wennes.
- Vice Chairman and Chief Risk Officer John C. Erickson will assume a new role of Chief Corporate Banking Officer. Reporting to Erickson will be Senior Executive Vice Presidents Grant K. Ahearn (Specialized Financial Services), JoAnn M. Bourne (Corporate Deposits and Global Treasury Management), Robert C. Dawson (Commercial Banking), J. Michael Stedman (Real Estate Industries), and Johannes H. Worsoe (Global and Wealth Markets).
- Senior Executive Vice President and Chief Credit Officer Mark W. Midkiff will add to his duties the role of Chief Risk Officer, succeeding Erickson in that capacity. Midkiff was Chief Risk Officer at another commercial bank for four years prior joining Union Bank.
- Senior Executive Vice President and Chief Information Officer James Yee, head of Bank Technology & Services, will now report directly to President and CEO Masaaki Tanaka.
“The changes we’ve made underscore the depth of experience of our senior management team and would not have been possible without our careful attention to strategic contingencies and succession planning,” says Tanaka. “As the bank continues to gain momentum for the future growth of businesses, these executives bring a broad depth of experience for these new assignments, and I have great confidence in all of them.”
Flynn’s retirement is effective November 20, 2009. “Phil is a highly respected, veteran commercial banker who has been very instrumental to our success, and I am personally grateful for his tenacity, loyalty and dedication to Union Bank and its customers,” continues Tanaka. “I wish him great success in his new role as President and CEO of Associated Banc-Corp and Associated Bank, N.A. in Wisconsin.”