“Steve has a proven track record in the payment systems industry and an excellent background in distribution systems and customer satisfaction,” Jenkins said. “Under his leadership, our contact centers have become an integral part of our distribution network and are known for providing best-in-class customer service. I am certain he will do an outstanding job of making Wachovia Card Services a leader in the credit card industry.”
Wachovia, one of the leading retail banking and brokerage businesses, conducted an in-depth analysis of its credit card business options after the announcement that Bank of America would acquire MBNA. The company determined that issuing its own credit cards directly would allow it to ensure that it continued to provide industry-leading service to its customers and the best returns to its shareholders.
In addition to his new post, Boehm will continue to serve as Head of Merger Integration.
Boehm, an executive vice president, has 17 years of experience in the credit card and payment systems industry, serving in banking, affinity and association leadership roles. For the past 10 years, he has led Wachovia’s contact center organization. During this time, the organization has become one of the company’s largest in distribution, producing more than $600 million in revenue in 2005 through telephone and Internet relationship management.
Before leading the contact centers, Boehm was chief operating officer for the company’s previous credit card business, which was sold to MBNA in 2000. Prior to that, he worked for Visa USA in sales, account management and technology customer service leadership roles.
Boehm joined Wachovia (then First Union) in 1992. He holds a bachelor’s in business administration from James Madison University and a master’s in business administration from George Mason University. He will be based in Charlotte, the company’s headquarters.
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with banking operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $532.4 billion, market capitalization of $73.9 billion and stockholders’ equity of $46.8 billion at September 30, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,138 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 702 offices in 49 states and five Latin American countries. The Corporate and Investment Bank serves clients in selected industries nationwide. Global services are offered through 40 offices around the world. Online banking and brokerage products and services also are available through Wachovia.com.
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