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[NATIONWIDE LETTERHEAD]
MEDIA CONTACTS:
---------------
Kevin O'Brien
Director, Investor Relations
614-677-5331
Bryan Haviland
Director, Public Relations
614-677-7767
MAY 30, 2000 FOR IMMEDIATE RELEASE
FORMER BANK ONE, FIRST CHICAGO EXECUTIVE JERRY JURGENSEN
BECOMES NATIONWIDE FINANCIAL CEO
COLUMBUS, OH-- Nationwide announced today that its boards of directors have
elected W. G. "Jerry" Jurgensen to succeed Dimon R. McFerson as chief executive
officer of Nationwide Mutual Insurance Company and Nationwide Financial
Services, Inc. (NYSE: NFS), the company's publicly-held retirement savings and
income subsidiary.
McFerson, 63, announced his retirement from Nationwide, effective at year's end,
on May 16. McFerson will remain as CEO during a brief transition period and will
retain the title of chairman until year-end. "Jerry and I will work together to
ensure a very smooth transition," McFerson said.
Jurgensen, 48, brings a broad range of financial services experience to
Nationwide. He is a former executive vice president of corporate banking at Bank
One Corporation, the company's best performing unit. Bank One became the
nation's fifth largest bank holding company following its 1998 merger with First
Chicago NBD Corporation.
"Jerry brings tremendous management skills, strategic thinking and wide-ranging
experience which will provide the leadership for Nationwide to continue on its
course toward strong future growth," said Arden Shisler, chairman of the
Nationwide Mutual board of directors. "Our board believes Jerry is the right
person at this important juncture to lead Nationwide in achieving even greater
success."
Jurgensen spent eight years as executive vice president with First Chicago,
where he served as chief financial officer, led a variety of business units, and
was chairman of FCC National Bank, the company's credit card subsidiary. Prior
to First Chicago, Jurgensen spent 17 years at Norwest Corporation, where he
served in a variety of positions including executive vice president for
corporate banking.
"Nationwide Financial's business fundamentals are very strong and our financial
performance has been excellent," said Jurgensen. "I look forward to working with
Joe Gasper and his outstanding senior management team."
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JURGENSEN ELECTED CEO OF NATIONWIDE FINANCIAL - 2
"Jerry brings a unique and complementary perspective to the Nationwide Financial
management team," said Joseph J. Gasper, Nationwide Financial president and
chief operating officer. "I look forward to working closely with him. His
insights and experience will be instrumental as we work together to move the NF
organization forward."
Nationwide Financial Services, Inc., based in Columbus, is a leading provider of
annuities, life insurance, retirement plans, mutual funds, and other financial
services to individuals and institutional clients. Its principal holding,
Nationwide Life Insurance Company, is among the country's 10 largest life
insurers(1). Nationwide Financial, with assets of more than $93 billion, is the
retirement savings and income operation of Nationwide, a leading provider of
diversified insurance and financial services. Nationwide had 1999 assets of more
than $115 billion and is ranked #128 on the Fortune 500.
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(1) A.M. Best, based on year-end 1999 assets
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