Wachovia appoints Steven Boehm president, card services

Source: Wachovia

Wachovia Corp. today named Steven G. Boehm as president of Wachovia Card Services.

He will report directly to Ben Jenkins, President of Wachovia's General Bank Division. This decision follows an announcement earlier this month that Wachovia is terminating its existing joint marketing agreement with MBNA and re-entering the credit card business as a direct issuer beginning in January 2006.

"Steve has a proven track record in the payment systems industry and an excellent background in distribution systems and customer satisfaction," Jenkins said. "Under his leadership, our contact centers have become an integral part of our distribution network and are known for providing best-in- class customer service. I am certain he will do an outstanding job of making Wachovia Card Services a leader in the credit card industry."

Wachovia, one of the leading retail banking and brokerage businesses, conducted an in-depth analysis of its credit card business options after the announcement that Bank of America would acquire MBNA. The company determined that issuing its own credit cards directly would allow it to ensure that it continued to provide industry-leading service to its customers and the best returns to its shareholders.

In addition to his new post, Boehm will continue to serve as Head of Merger Integration.

Boehm, an executive vice president, has 17 years of experience in the credit card and payment systems industry, serving in banking, affinity and association leadership roles. For the past 10 years, he has led Wachovia's contact center organization. During this time, the organization has become one of the company's largest in distribution, producing more than $600 million in revenue in 2005 through telephone and Internet relationship management.

Before leading the contact centers, Boehm was chief operating officer for the company's previous credit card business, which was sold to MBNA in 2000. Prior to that, he worked for Visa USA in sales, account management and technology customer service leadership roles.

Boehm joined Wachovia (then First Union) in 1992. He holds a bachelor's in business administration from James Madison University and a master's in business administration from George Mason University. He will be based in Charlotte, the company's headquarters.

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