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Article: Regime change for Sovereign.
- Article from:
- The Philadelphia Inquirer (Philadelphia, PA)
- Article date:
- October 12, 2006
CopyrightCOPYRIGHT 2006 The Philadelphia Inquirer. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Joseph N. DiStefano
Oct. 12--Now that Jay S. Sidhu has "resigned and retired" the chief executive officer's post at Sovereign Bancorp Inc., his Boston-based deputy, Joseph Campanelli, inherits the job of calming employees and investors in the face of higher interest rates and tough competition.
Analysts said Sovereign, based in Wyomissing, Pa., would likely be sold, but they differed as to how soon that would happen.
Given the "bitterness" of last winter's combat between Sidhu and activist investors, and the 13-hour-long board meeting Tuesday at which Sidhu agreed to step down, "we doubt that this board of directors can work together ...