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EXHIBIT 99(a)
FOR IMMEDIATE RELEASE Contact: Thomas Kelly
--------------------- (312) 732-7007
BANK ONE'S BOARD OF DIRECTORS COMPLETES REVIEW
OF CORPORATE GOVERNANCE; FIVE OUTSIDE DIRECTORS TO RETIRE
CHICAGO, August 22, 2000 -- BANK ONE CORPORATION announced today that the Board
of Directors has completed its corporate governance review and that five outside
directors will retire in September.
"Our board has served us well through the merger and integration of Bank One,"
said James Dimon, chairman and chief executive officer. "Now as part of our
comprehensive review of Bank One, the directors and I have examined a number of
corporate governance issues, including board structure and size.
"As a result of the review, we are striving for best practices in corporate
governance," Dimon said. "It is clear that, all things being equal, a smaller
board would be more nimble and effective for Bank One shareholders as we go
forward.
"These five directors took the initiative to volunteer to retire because they
agree that a smaller board is an important objective for the company at this
time. The board's Organization, Compensation and Nominating Committee reviewed
the candidates and accepted the retirements after ensuring that the board
continues to represent a breadth of business knowledge, experience and
diversity," Dimon said.
The retiring board members are:
. Siegfried Buschmann, 63, chairman and chief executive officer, The Budd Co.;
joined board in 1991.
. Bennett Dorrance, 54, private investor and chairman and managing director of
DMB Associates, Inc.; joined board in 1996.
. Thomas E. Reilly Jr., 60, chairman and chief executive officer, Reilly
Industries, Inc.; joined board in 1995.
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. Thekla R. Shackelford, 65, educational consultant; joined board in 1993.
. Alex Shumate, 50, office managing partner of Squire, Sanders and Dempsey LLP;
joined board in 1993.
"My board members have made tremendous contributions and have been exceptionally
supportive of me," Dimon said. "I, along with my fellow board members,
regretfully accept the retirement of our colleagues and thank them for their
combined 42 years of service in helping Bank One grow into the nation's fourth-
largest bank holding company."
As part of the board's governance discussion, an optimum board size of 12 to 15
members was targeted. There were 22 members in October, 1998, when Bank One was
created by the merger of Banc One Corporation and First Chicago NBD Corporation.
That had dropped to 19 by mid-2000 and will fall by six more with the
retirements of the five outside directors and President Verne G. Istock, who
also announced his retirement today.
BANK ONE CORPORATION (NYSE: ONE) is the nation's fourth-largest bank holding
company, with assets of more than $270 billion. Bank One offers a full range of
financial services to commercial and business customers and consumers. It can
be found on the Internet at www.bankone.com.
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