UNITED STATES
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: December 17, 1998
REPUBLIC NEW YORK CORPORATION
(Exact name of registrant as specified in its charter)
Maryland 1-7436 13-2764867
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
452 Fifth Avenue, New York, New York 10018
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 525-6100
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Item 5. Other Events
The Corporation's press release dated December 16, 1998 announcing the
succession of the Corporation's management team is hereby incorporated
herein by reference in this Current Report on Form 8-K and a copy of such
press release is attached hereto as an exhibit.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
c. Exhibits
99 Press Release dated December 16, 1998, Announcing
Succession Management Team.
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SIGNATURE
Pursuant to the requirement 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.
REPUBLIC NEW YORK CORPORATION
Paul L. Lee
---------------------------
By: Paul L. Lee
Executive Vice President
Date: December 17, 1998
[Logo] Republic New York Corporation
New Release
For Immediate Release
NYSE Symbol: RNB
To request release by e-mail:[email protected]
Press Contact: J. Phillip Burgess (212) 525-6597
Investor Contact: Stephen J. Saali (212) 525-5593
Press Releases: http://www.rnb.com
REPUBLIC SUCCESSION MANAGEMENT TEAM ANNOUNCED
New York - December 16, 1998: Walter H. Weiner, chairman and chief
executive officer of Republic New York Corporation and Republic National
Bank of New York, announced today the appointment of Republic's succession
management team effective with the corporation's annual stockholders'
meeting on April 21, 1999.
Mr. Weiner said, "At meetings today, the boards of directors of the
corporation and the bank have confirmed that, at the annual stockholders'
meeting in April, Dov C. Schlein (currently president of the bank and vice
chairman of the corporation) will succeed Walter Weiner as chairman of the
board and chief executive officer of both the corporation and the bank. The
board also confirmed that Elias Saal, vice chairman of both the corporation
and the bank, will succeed Mr. Schlein as president of the bank."
Effective immediately, Mr. Saal will become chairman of the corporation's
and the bank's executive committees, and in April, Mr. Saal will also
become president of the bank. In addition, effective immediately, Stephen
J. Saali, managing director of the corporation, will become president of
the corporation, a vice chairman of the bank and a director of the
corporation and the bank.
In making the announcement, Mr. Weiner said, "I believe that our ongoing
profitability review is absolutely vital to the strong competitive position
of Republic as we approach the increasingly global and competitive
marketplace of the twenty-first century. We expect the initial results of
this review to be sufficiently complete to be announced during the first
quarter of 1999. With the profitability review firmly on track, I have
concluded that this is an appropriate time for the next generation of
management leadership to assume executive responsibility at Republic.
Accordingly, I have advised Edmond J. Safra and our boards that I will
concentrate on working with the successor team to assure an orderly
transition."
Edmond J. Safra, founder and honorary chairman of Republic said, "Walter
and I have forged a unique relationship over the past 25 years. He has been
among the wisest and most trusted of my colleagues, advisers and friends.
Although he has decided to turn over day-to-day responsibilities at
Republic, it will not affect our relationship, and he will continue to work
with me as a consultant and as a member of the boards of directors of the
corporation, the bank and Safra Republic Holdings. We will also pursue
other personal and financial interests together. He will be president of
the Safra and Beit Yaacov Foundations and participate in other
philanthropic entities that I support. I am confident that the new
management team will insure that the organization will thrive in the next
century."
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BIOGRAPHICAL INFORMATION ON REPUBLIC EXECUTIVE MANAGEMENT
WALTER H. WEINER
Walter H. Weiner, 68, has been chairman and chief executive officer of
Republic New York Corporation and Republic National Bank of New York since
1980. Mr. Weiner is a director of Safra Republic Holdings, a European
private banking group of which Republic New York Corporation owns
approximately 49 percent. Prior to joining Republic, Mr. Weiner was a
senior partner in the New York law firm of Kronish Lieb Weiner & Hellman
for 15 years.
Mr. Weiner received a B.A. degree and a J.D. degree from the University of
Michigan. He serves on the Board of Visitors of the University of
Michigan law school.
During Mr. Weiner's tenure as Republic's chairman, total assets have grown
from $6.4 billion to $50.4 billion; stockholders' equity has grown from
$259.7 million to $3.0 billion; the number of branches have increased from
36 to 104, and the number of employees has risen from 2,000 to 6,000.
DOV C. SCHLEIN
Dov C. Schlein, 51, became president of Republic National Bank of New York
and a vice chairman of Republic New York Corporation in 1986. He was
elected a director of both the corporation and the bank in 1987. Mr.
Schlein joined Republic in 1976 as vice president of the operations review
department. During the following 10 years, he was in charge of various bank
functions leading up to his becoming executive vice president and chief
operating officer. Prior to his tenure with the bank, Mr. Schlein spent six
years with KPMG Peat Marwick LLP, overseeing and participating in numerous
audit engagements including financial institutions.
Mr. Schlein received his Bachelor's degree and Master's degree in
business administration from Baruch College. He is a member of both the
American Institute of CPAs and of the New York State Society of CPAs.
Other professional memberships include the Economics Club of New York and
the Bankers Roundtable. Mr. Schlein also serves on the boards of several
charities.
ELIAS SAAL
Elias Saal, 46, was elected a director and vice chairman of the board of
Republic National Bank of New York and Republic New York Corporation in
1995. He joined Republic in 1982 as a trader. At the end of 1985, he opened
Republic's office in Uruguay and served as chief executive officer of that
office. He became general manager of Republic's Buenos Aires office and
regional manager for Uruguay and Argentina in 1988. He was transferred to
Europe at the end of 1991. Based in Milan, he served as regional manager
for continental Europe. He also served as president of Republic New York
Finanzaria. During his tenure in Milan, Mr. Saal taught in the MBA program
at the American University. In 1994, he joined Safra Republic Holdings,
S.A., a European private banking group of which Republic New York
Corporation owns approximately 49 percent, as a general manager and member
of the executive committee of Republic National Bank of New York (Suisse),
Geneva, while retaining his positions at Republic National Bank of New
York.
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Prior to joining Republic, Mr. Saal had worked with the Bank of Israel. He
also taught at Hebrew University in Jerusalem. He received his Bachelor
and Master of Arts degrees in economics from Hebrew University and
attended the Ph.D. program in economics at the University of Chicago. Mr.
Saal taught at the St. Xavier University MBA program and lectured for the
American Chamber of Commerce, both in Italy, and for government-owned
institutions in Latin America.
STEPHEN J. SAALI
Stephen J. Saali, 34, became managing director of Republic New York
Corporation in 1997. He joined Republic in 1988 as a member of its
management training program. Over the last 10 years, Mr. Saali has received
seven promotions. During this time, he has played a key role in all of
Republic's major acquisitions and has been directly responsible for raising
more than $4 billion of capital. His other activities have included
corporate development and investor relations. Prior to joining Republic,
Mr. Saali worked at Salomon Brothers.
Mr. Saali received his Bachelor's degree from Brown University with a
dual major in economics and organizational behavior. He received his
Master's degree in business administration from Columbia University with
a dual major in international business and finance. Mr. Saali actively
participates in several charities.
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