Sovereign CEO Ousted Amid Shareholder Frustration

Law360, New York (October 11, 2006, 12:00 AM EDT) -- Amid criticism of corporate governance and falling stock prices, the chief executive officer and president of Sovereign Bancorp Inc. stepped down from his position on Wednesday.

The company said in a statement that Jay S. Sidhu’s resigned due to “family health related reasons.” Sidhu will serve as non-executive chairman until the end of this year.

The company’s board of directors has already formed an executive search committee, and upon Sidhu’s resignation, named Joseph C. Campanelli as the new president and chief executive officer.

Campanelli was formerly...
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