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Media Contact: Alison Rice
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Media Contact: Carrie Ruddy
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January 08, 2004
Wachovia Names McFayden Head of Corporate and Community Affairs

CHARLOTTE, NC - Wachovia Corporation announced today that Shannon McFayden will assume leadership of the Corporate and Community Affairs group and join the company's 13-member Operating Committee, reporting directly to Chairman and CEO Ken Thompson. McFayden will succeed Mac Everett, who announced his plans to retire Feb. 15 after more than 25 years with Wachovia.

McFayden joined the company in 1982 and has held several leadership positions in Human Resources. Most recently, she headed the Community Affairs department, which is part of Corporate and Community Affairs. Her vision and hard work have taken Wachovia's community commitment and impact to a new level. Today, Wachovia is a leader in Business Strengthening America and has developed an innovative partnership with Teach For America. McFayden has refocused the company's charitable giving through the Wachovia Foundation and the Wachovia Regional Foundation, and she has transformed volunteerism at the company through the formation and launch of WachoviaVolunteers!

"I have worked closely with Shannon for many years, and she is one of the most capable people I have ever known," said Thompson. "Shannon is a tremendous leader with vision, dedication and a proven record of execution. I am confident that she will do an outstanding job of continuing the great work that Mac started."

"I am extremely excited about the opportunities that lie ahead for Wachovia and the Corporate and Community Affairs group," said McFayden. "I have two tremendous passions that have evolved over my 22 years with the company. The first is the culture of the company and the way employees feel about working here. The second is the incredible power Wachovia has to serve and support the communities where we do business. These passions are inextricably linked, and this role will allow me to build on these two cornerstones every day."

Everett joined the company in 1978 and served in leadership roles in the capital management and general bank businesses. At the time of the First Union/Wachovia merger, he was appointed head of Corporate and Community Affairs. Under his leadership, Wachovia has achieved outstanding levels of civic and community leadership. Everett also led the very successful inaugural Wachovia Championship as Tournament Chair. He has agreed to continue serving in this role for the 2004 Championship.

"Mac Everett is one of the great leaders of our company, and Wachovia will benefit in years to come from his contributions to our business and our civic leadership," said Thompson. "He is for me not only a valued professional colleague, but a great friend, and I will miss him."

"I have been fortunate to have had so many wonderful experiences throughout my career," said Everett. "Wachovia is a truly great company whose greatest asset is the talented and committed people with whom I have had the privilege to work and create friendships over the years. I am looking forward to spending more time with my family and friends, working hard on my golf game and continuing to serve the Charlotte community I love so dearly."

Corporate and Community Affairs includes Community Affairs, Community Development and Corporate Communications.

Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $389 billion and stockholders' equity of $33 billion at Sept. 30, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 9 million households, including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Its broker-dealer, Wachovia Securities, LLC, serves clients in 48 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services also are available through Wachovia.com.

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