SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) March 10, 2000
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FIRST UNION CORPORATION
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(Exact name of registrant as specified in its charter)
North Carolina 1-10000 56-0898180
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
One First Union Center
Charlotte, North Carolina 28288-0013
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (704) 374-6565
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(Former name or former address, if changed since last report.)
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Item 5. Other Events.
On March 10, 2000, First Union Corporation issued the news release
attached hereto as Exhibit (99) to this report (the "News Release"). The News
Release is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
(99) The News Release.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FIRST UNION CORPORATION
Date: March 10, 2000 By: /s/ Kent S. Hathaway
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Name: Kent S. Hathaway
Title: Senior Vice President
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EXHIBIT INDEX
Exhibit No. Description
(99) The News Release.
Friday Media contact: Ginny Mackin
March 10, 2000 704-383-3715
Investor contact: Alice Lehman
704-374-4139
FIRST UNION PRESIDENT G. KENNEDY THOMPSON NAMED TO ADDITIONAL ROLE
OF CHIEF EXECUTIVE OFFICER
EDWARD E. CRUTCHFIELD TO RELINQUISH CEO TITLE FOR HEALTH REASONS;
WILL REMAIN AS CHAIRMAN
CHARLOTTE, NC -- Edward E. Crutchfield, chairman and chief executive officer of
First Union Corporation, announced today that for health reasons he will step
aside as chief executive officer while retaining his role and responsibilities
as chairman of the board of directors of the corporation. At a special meeting
of the board of directors today, President G. Kennedy Thompson was named to the
additional post of chief executive officer. These changes will become effective
at the Annual Shareholders Meeting on April 18, 2000.
"I have every confidence in Ken's ability to successfully lead our company. This
is the next step in a succession plan put in place some time ago," Crutchfield
said. "During these next months I will devote appropriate energy to treatment
for a highly curable form of cancer called lymphoma. While I will continue to be
actively involved with the corporation, our board of directors concurs that my
first priority at this time must be to give proper attention to my medical
situation."
As chairman of the corporation, Crutchfield will continue to oversee an orderly
management transition. He will be active as chairman until at least December 31,
2001.
"Ed has taken First Union from $7 billion in assets in 1984 to the formidable
nationwide competitor it is today," said Thompson. "It is my honor to continue
Ed's vision of the business model he has created for the 21st Century. Clearly,
we are feeling the positive momentum he has created throughout our company. I
look forward to leading this outstanding organization."
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FIRST UNION PRESIDENT G. KENNEDY THOMPSON NAMED TO ADDITIONAL ROLE OF
CHIEF EXECUTIVE OFFICER, PAGE 2 OF 2
B. F. Dolan, Chairman of the Executive Committee of the First Union Corporation
Board of Directors, said "It is a mark of Ed's tremendous leadership that he has
cultivated a depth of management, particularly with Ken, who is superbly
positioned to now assume the CEO role. The Board has complete confidence in Ed
and Ken as they manage this transition. Under their leadership, First Union is
extremely well-positioned to build on the success of our business model."
Thompson, 49, joined First Union in 1976 with a B.A. from the University of
North Carolina-Chapel Hill where he was a Morehead Scholar and an M.B.A from
Wake Forest University. He was named president in 1999. Previously, Thompson was
vice chairman of the corporation and head of Global Capital Markets; president,
First Union-Florida; senior vice president and head of Human Resources;
president, First Union-Georgia; manager of the New York Loan Production Office,
manager of the Middle Market Department and head of the Southeast Division.
First Union (NYSE:FTU), with $253 billion in assets at December 31, 1999, is a
leading provider of financial services to 16 million retail and corporate
customers throughout the East Coast and the nation. The company operates
full-service banking offices in 12 East Coast states and the District of
Columbia and full-service brokerage offices in 41 states. Online banking
products and services can be accessed through www.firstunion.com.
--FTU--
