Wachovia Moves Second Woman to Top Circle

The Charlotte Observer, N.C

Rick Rothacker

January 9, 2004

Jan. 9--Shannon McFayden, who has led Wachovia Corp.'s community initiatives since 2001, will become the second woman on the Charlotte company's 13-member operating committee.

Wachovia on Thursday named McFayden its new head of corporate and community affairs, reporting to Chairman and Chief Executive Ken Thompson. She will replace Mac Everett, a long-time fixture on Charlotte's banking scene who is retiring Feb. 15 after more than 25 years with the company.

McFayden, 43, was previously head of Wachovia's community affairs department under Everett. She played a key role in a national corporate volunteerism program called Business Strengthening America and forged a partnership with Teach for America, a nonprofit organization that places teachers in urban and rural settings.

Now she also will be in charge of the bank's media spokespersons and employees who lead investments in underprivileged communities. Jean Davis, head of information technology, e-commerce and operations, is the only other woman on the operating committee, formed of the company's top leaders who report directly to Thompson.

"To be the second woman on the operating committee is a real honor and something I take very seriously," McFayden said in an interview.

"I have known Ken Thompson for 20 years and look forward to being on his leadership team."

Everett, 57, leaves the bank next month after a career that began in the trust department of Wachovia predecessor First Union Corp. and progressed to its upper rungs. He helped create First Union's mutual fund family and was head of its N.C. bank before assuming his current position as part of the 2001 First Union merger.

He was involved in negotiations to bring the Bobcats NBA franchise to Charlotte and to build a new uptown arena. He also was chairman of the Wachovia Championship, the PGA Tour event sponsored by the bank, which drew rave reviews last spring. He will continue in that position at least one more year.

"Why not now?" Everett said in an interview on his impending retirement. "I've seen our growth from legacy First Union to a major financial services powerhouse. I've always respected athletes and others who, when things are going well, make the decision to let others come forward to do things and move on."

Among the many highlights of his career, he said, was watching the company's revival after a major restructuring in June 2000. He plans to play golf and continue to be involved in the Charlotte community in retirement. He will remain in the city, where he lives with his wife, Andy.

McFayden said she has a different style than Everett but will look to continue his corporate and civic leadership.

"I am no Mac Everett. I don't play golf," McFayden said. "But one thing we have in common is a profound commitment to the Charlotte community and the area where we do business."

McFayden, a Tennessee native who moved frequently as a preacher's kid, is a Davidson College graduate who joined First Union in 1982.

She and her husband, Greg, have two daughters.

Wendy Kopp, president and founder of Teach for America, praised Everett for his support of the organization, which was the beneficiary of the Wachovia Championship. She said McFayden will be a good successor.

"I can't say enough good things about our experience working with her," Kopp said in a statement. "She always made us feel like a crucial strategic partner."

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(c) 2004, The Charlotte Observer, N.C. Distributed by Knight Ridder/Tribune Business News