Wilmington, De., USA - July 22, 2010, Wilmington, De., USA - Wilmington Trust Corporation, a financial company, announced that it has elected Donald E. Foley as chairman of the board, effective immediately.
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Mr. Foley's career spans more than 37 years of experience in global financial and risk management for U.S. Fortune 500 companies. Prior to becoming CEO of Wilmington Trust, Mr. Foley was senior vice president and treasurer of ITT Corporation, an $11 billion diversified manufacturing company.
Mr. Foley also was chief investment officer and chairman of the investment committee for ITT’s $7.5 billion of retirement plan assets, and he was honored by Institutional Investor, Money Management Letter, and Alternative Investment News for excellence in investment management.
Mr. Foley was elected to Wilmington Trust’s Board of Directors in July 2006 and chaired the Audit Committee for two years.
Prior to ITT, Mr. Foley held global capital markets, treasury, and tax-related positions at International Paper Company, Mobil Corporation, and General Electric Company, where he attended the prestigious Financial Management Training Program.
Mr. Foley earned an MBA with honors in Finance from New York University and a Bachelor’s degree with honors in Economics from Union College in Schenectady, New York, where he serves on the President’s Council.
The company also elected The Honorable Louis J. Freeh to succeed Ms. Krug as lead independent director.
Mr. Freeh began his career in 1975 as a special agent for the FBI. In 1981, he joined the U.S. Attorney’s Office for the Southern District of New York, where he was appointed U.S. district court judge in 1991.
In 1993, Mr. Freeh was appointed by President William J. Clinton as the tenth director of the FBI, a position he held for eight years. Upon leaving the FBI in 2001, Mr. Freeh began a private sector career as vice chairman, general counsel, and ethics officer for MBNA America Bank, N.A., in Wilmington.
Mr. Freeh is founder and senior managing partner of Freeh Group International, LLC, also based in Wilmington, and its affiliated law firm, Freeh Sporkin & Sullivan, LLP, which is based in Washington, D.C. ■