Sovereign Bancorp workers are expecting a new boss after the Wall Street Journal wrote this morning that the board is meeting to review a proposal to hire Paul Perrault, ex-CEO of small, former Chittenden Bank in Vermont, to replace Boston-based Paul Campanelli as Sovereign's new CEO. WSJ story here.
Earlier this year, Sovereign hired ex-Chittenden CFO Kirk Walters to replace Mark McCollom in that job. It's not clear what makes Chittenden such a hotbed of management talent for a company with offices in Boston, New York and Philadelphia.
Sovereign claims to be based in Philadelphia, but its main offices are in Reading, where founder Jay S. Sidhu built and ran the bank until he was forced out in a shareholder rebellion two years ago. Sovereign ranks sixth in the Philadelphia deposit-banking market, but it's an important mortgage lender in the city's middle-class suburbs.
Sovereign, the largest surviving U.S. savings bank since Washington Mutual Corp. failed last week, has suffered from debt left over from previous takeovers, bad investments in Fannie Mae preferred stock, and the home loan slowdown. Shares lost most of their value in yesterday's market free-fall, but have doubled so far this morning as analysts at Boenning & Scattergood and Fox Pitt Kelton called it a bargain at recent prices.
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