Relational Taps Former SEC Chair To Advise On Sovereign

Law360, New York (March 16, 2006, 12:00 AM EST) -- Sovereign Bancorp Inc.’s largest shareholder, Relational Investors LLC, has hired former U.S. Securities and Exchange Commission chairman Richard Breeden to act as an advisor as part of its efforts to secure two seats on the Sovereign board and promote a number of governance reforms.

The news of Breedon’s appointment came as Relational principal Ralph Whitworth said shareholders may have to accept Sovereign’s controversial deals to sell a big stake in itself to Spain’s Banco Santander and buy New York thrift Independence Community Bank Corp., according to...
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