Wilmington, De., USA - June 21, 2010, Wilmington, De., USA - Wilmington Trust Corporation, a financial company, announced that chairman and CEO Ted T. Cecala will retire.
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Mr. Cecala joined Wilmington Trust in 1979 as controller, and was elected Chairman and Chief Executive Officer in 1996. He currently serves on the Board of Directors of the Federal Reserve Bank of Philadelphia and is a member of the Board of Trustees of the Wilmington Funds, Wilmington Trust's mutual fund family.
Mr. Cecala also serves as a director of Wilmington Trust asset management affiliates Cramer Rosenthal McGlynn, LLC and Roxbury Capital Management, LLC. In 2006 and 2007, Mr. Cecala served on the Federal Advisory Council representing the Federal Reserve Bank of Philadelphia and the Third District.
Mr. Cecala is a past chairman and director of United Way of Delaware, past president of the Delaware Chapter of the Financial Executives Institute, and is former chairman of the Delaware State Chamber of Commerce.
Mr. Cecala earned a designation as a certified public accountant (CPA) and is a graduate of Florida State University, where he was inducted into the Hall of Fame of the College of Business in 2007.
The company elected Director Donald E. Foley to succeed Mr. Cecala as CEO, effective immediately.
Prior to becoming CEO, Mr. Foley served as senior vice president and treasurer of ITT Corporation, a supplier of advanced technology products and services.
In addition, Mr. Foley was a member of the company's Executive Council, chairman of ITT Industries of Canada, and served on the boards of several of ITT's other direct investment and international subsidiaries.
Previously, Mr. Foley was assistant treasurer for International Paper Company and held a progression of capital market, treasury, and tax-related assignments at Mobil Corporation. He began his career at General Electric. Hehas served on the advisory boards of Northern Trust's and Goldman Sachs' asset management groups.
Mr. Foley has won numerous awards, including Institutional Investor's Corporate Pension Fund of the Year Award for Excellence in Investment Management; Money Management Letter's Corporate Award for Excellence; and Alternative Investment News' Institutional Investor of the Year award. ■