<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 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) October 19, 1995
BANKERS TRUST NEW YORK CORPORATION
(Exact name of registrant as specified in its charter)
NEW YORK
(State or other jurisdiction of incorporation)
1-5920 13-6180473
(Commission file number) (IRS employer identification no.)
280 PARK AVENUE, NEW YORK, NEW YORK 10017
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (212) 250-2500
<PAGE>
Item 5. Other Events
The purpose of this Current Report on Form 8-K is to file a
Press Release dated October 19,1995 announcing the election of Frank
Newman as president of Bankers Trust New York Corporation and to
file certain financial information to be incorporated into
currently effective registration statements filed by the Registrant
with the Securities and Exchange Commission under the Securities Act of
1933, as amended. Such financial information contained in the
Registrant's Press Release dated October 19, 1995, is described
below and is incorporated herein by reference.
1.Review of certain financial information.
2.The unaudited consolidated financial position of Bankers
Trust New York Corporation and its subsidiaries at September
30, 1995 and December 31, 1994 and its unaudited
consolidated results of operations for each of the three-
month and nine-month periods ended September 30, 1995 and
1994 and the three-month period ended June 30, 1995.
In the opinion of the Registrant's management, all material
adjustments necessary for a fair presentation of the
Corporation's consolidated financial position at September 30,
1995 and December 31, 1994 and its consolidated results of
operations for the three-month and nine-month periods ended
September 30, 1995 and 1994 and the three-month period ended June
30, 1995 have been made. All such adjustments were of a normal
recurring nature. The results of operations for the three-month
and nine-month periods ended September 30, 1995 and the three-
month period ended June 30, 1995 are not necessarily indicative
of the results of operations for the full year or any other
interim period.
Item 7. Financial Statements and Exhibits
(c) Exhibits
(99.1) Earnings Press Release of the Registrant
dated October 19, 1995.
(99.2) Press Release dated October 19, 1995,
announcing the election of Frank Newman as
president of Bankers Trust New York
Corporation.
<PAGE>
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.
BANKERS TRUST NEW YORK CORPORATION
By /s/ GEOFFREY M. FLETCHER
GEOFFREY M. FLETCHER
Senior Vice President and
Principal Accounting Officer
October 19, 1995
<PAGE>
BANKERS TRUST NEW YORK CORPORATION
FORM 8-K DATED OCTOBER 19, 1995
EXHIBIT INDEX
Exhibit
Number Description of Exhibit
(99.1) Earnings Press Release of the
Registrant dated October 19, 1995.
(99.2) Press Release dated October 19, 1995,
announcing the election of Frank Newman
as president of Bankers Trust New York
Corporation.
<PAGE>
THURSDAY, OCTOBER 19, 1995
BANKERS TRUST EARNINGS INCREASED 70% OVER SECOND QUARTER 1995; RETURN ON
EQUITY WAS 14%
New York, October 19, 1995 -- Bankers Trust New York Corporation earned
$155 million for the quarter ended September 30, 1995, or $1.72 primary
earnings per share. Return on average common equity for the third quarter
of 1995 was 14%. The Corporation earned $91 million, or $.98 primary
earnings per share for the quarter ended June 30, 1995. In the third
quarter of 1994, the Corporation earned $169 million, or $1.98 primary
earnings per share.
"During the third quarter, our focus on the development of strong and
enduring client relationships continued in full force," said Chairman
Charles S. Sanford, Jr. "This effort, which has great potential for
helping to build future profits, is already producing hoped-for results.
In that regard, especially significant in the third quarter were a swing of
$50 million in net income in our client financial risk management business
and an exceptionally strong profit contribution from merchant banking
investments. In addition, the doubling of combined trading and trading-
related net interest revenue from the second quarter resulted from improved
performance in both our proprietary and client-driven trading activities.
"Also contributing to the 14% return on equity was further progress in
implementing the Firm's expense reduction programs, which are on track for
producing savings of $200 million this year and $275 million in 1996. In
all, the quarter's results reflect continued and strong progress toward the
return to competitive earnings that has been management's goal for 1995."
Revenue
Net interest revenue totaled $204 million, down $60 million, or 23%, from
the third quarter of 1994 and down $18 million, or 8% from the second
quarter of 1995. The third quarter of 1995 included $20 million of
<PAGE>
trading-related net interest revenue, down $92 million and $37 million from
the third quarter of 1994 and second quarter of 1995, respectively. A
significant portion of the Firm's trading and risk management activities
involve positions in interest rate instruments and related derivatives.
The revenue from these activities can periodically shift between trading
and net interest, depending on a variety of factors, including risk
management strategies. Therefore, the Corporation views trading revenue
and trading-related net interest revenue together, which are presented
below.
<TABLE>
<CAPTION>
Trading-
Related
Net
Trading Interest
(in millions) Revenue Revenue Total
<S> <C> <C> <C>
Third Quarter 1995 $257 $20 $277
Second Quarter 1995 $79 $57 $136
Third Quarter 1994 $278 $112 $390
</TABLE>
Although the results were below those of the same period in 1994, the
doubling of combined trading revenue and trading-related net interest
revenue from the second quarter of 1995 is evidence of the transition
towards improvement in profitability. The current quarter's results were
primarily attributable to higher revenue from both client-related and
proprietary trading in foreign exchange markets and the continued
improvement in performance of the Firm's client derivatives business.
Trading results in the emerging markets of Asia and Latin America were
comparable to the second quarter of 1995, but were lower than the prior
year's exceptionally strong results.
Fiduciary and funds management revenue totaled $174 million for the third
quarter, down $14 million, or 7%, from the same period last year. The
decrease in revenue was due primarily to a decline in transaction volumes
in global fiduciary services. The $174 million of revenue for the third
quarter was up $8 million, or 5%, from the second quarter of 1995. This
increase was attributable to higher fiduciary revenue from retirement
services and securities lending activities.
<PAGE>
Fees and commissions of $152 million decreased by $11 million, or 7%, from
the third quarter of 1994. Corporate finance fees of $74 million decreased
by $2 million, or 3%, from the same period last year. Lower revenue from
commercial banking and securities underwriting fees were partially offset
by higher revenue from financial advisory and loan syndication activities.
Compared with this year's exceptionally strong second quarter, fees and
commissions were down $59 million, or 28%, as corporate finance fees
decreased by $53 million, or 42%, as a result of lower revenue from loan
syndication and private placement fees.
The Corporation's securities available for sale gains were $10 million,
compared with $28 million in the prior year's third quarter and $17 million
in the second quarter of 1995.
Other noninterest revenue totaled $162 million, up $112 million from the
prior year's quarter. The largest component of this increase was an $81
million rise in net revenue from client-related equity investment
transactions, as the current quarter included a $62 million gain on the
sale of a portion of the Corporation's merchant banking investment in
Northwest Airlines. Also contributing to the increase in other noninterest
revenue was higher insurance premium revenue from operations in Chile. The
1994 third quarter had included charges related to the funds management
business. The $162 million of other noninterest revenue for the third
quarter of 1995 was up $48 million, or 42%, from the second quarter of
1995, primarily as a result of the above-mentioned net revenue from equity
investment transactions.
Expenses
Total noninterest expenses of $728 million increased by $15 million, or 2%,
from the third quarter of 1994. Incentive compensation and employee
benefits expense decreased $10 million, or 5%. Salaries expense decreased
$4 million, or 2%, from the third quarter of 1994, mostly due to a 2%
decrease in the average number of employees. The number of full time staff
at September 30, 1995 was 13,808, a net decrease of 721 from December 31,
1994. Management has implemented expense reduction programs designed to
reduce overall operating expenses -- principally noninterest expenses
before bonus, policyholder benefits and minority interest. The Corporation
<PAGE>
previously announced that it would be reducing these expenses, as compared
to the annualized fourth quarter 1994 amounts, by approximately $200
million in 1995 and approximately $275 million in 1996.
All other expenses totaled $345 million for the quarter, up $29 million, or
9%, from last year's third quarter. The provision for policyholder
benefits and professional fees accounted for this increase.
Asset Quality
The provision for credit losses was $7 million for the current quarter,
compared with $17 million in the prior year's third quarter and no
provision in the second quarter of 1995. Net charge-offs for the quarter
were $218 million, compared with $28 million a year ago.
The current quarter included leveraged derivative contract charge-offs of
$205 million against the allowance for credit losses. During the fourth
quarter of 1994, $423 million of leveraged derivative contracts that had
been reclassified as receivables in the loan portfolio were placed on a
cash basis. Of this amount, $72 million was then charged-off leaving a
balance of $351 million. Since then some of these receivables have been
satisfactorily settled, but in line with the Corporation's credit policies,
a $205 million portion of the remaining balance has been charged-off. This
action does not reflect a change in our stated intention to vigorously seek
collection in full of the receivables owed to the Corporation.
Largely as a result of this action, cash basis loans decreased by $173
million, or 19%, to $752 million during the third quarter. The allowance
for credit losses at September 30, 1995, was $1.032 billion, representing
137% of cash basis loans.
The allowance for credit losses is available for credit losses arising from
the Corporation's portfolio, which is comprised of loans, credit-related
commitments, derivatives and other financial instruments. In the opinion
of management, the allowance, when taken as a whole, is adequate to absorb
reasonably estimated credit losses inherent in the Corporation's portfolio,
as defined above.
<PAGE>
Nine Months Results
For the first nine months of 1995, the Corporation earned $124 million, or
$1.09 primary earnings per share, excluding an after-tax provision for
severance-related costs of $35 million taken in connection with the
Corporation's expense reduction programs. Net income for the first nine
months, including the effect of this provision, was $89 million, or $.66
primary earnings per share. For the nine months ended September 30, 1994
the Corporation earned $514 million, or $5.97 primary earnings per share.
Capital
Total stockholders' equity at September 30, 1995 was $5.061 billion, an
increase of $357 million compared to December 31, 1994 and an increase of
$172 million compared to June 30, 1995.
The Corporation estimates that its ratios of Tier 1 Capital and Total
Capital to risk-adjusted assets were approximately 8.00% and 12.90%,
respectively, at September 30, 1995. The Leverage Ratio was 5.50% at that
same date.
For additional information, contact Douglas Kidd, (212) 454-3532 or Tom
Parisi, (212) 454-1686 (Media); Howard Schneider
(212) 250-3609 (Investors).
<PAGE>
BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES
FINANCIAL STATISTICS
($ in millions, except per share data)
(unaudited)
<TABLE>
<CAPTION>
Second
Third Quarter Quarter Nine Months
1995 1994 1995 1995 1994
<S> <C> <C> <C> <C> <C>
Net income $155 $169 $91 $89 $514
Per common share
Primary earnings $1.72 $1.98 $.98 $.66 $5.97
Fully diluted earnings $1.71 $1.98 $.98 $.65 $5.97
Cash dividends declared $1.00 $.90 $1.00 $3.00 $2.70
Book value (1) $51.72 $54.08 $49.80
Profitability ratios
Return on average common
stockholders'equity 13.51% 14.64% 7.84% 1.72% 15.11%
Return on average total assets .56% .66% .33% .11% .66%
Net interest revenue
(fully taxable basis) $215 $282 $231 $643 $1,003
Average rates (fully taxable basis)
Yield on interest-earning
assets 7.56% 6.70% 7.53% 7.40% 6.58%
Cost of interest-bearing
liabilities 6.91% 5.31% 6.70% 6.63% 4.99%
Interest rate spread .65% 1.39% .83% .77% 1.59%
Net interest margin 1.04% 1.54% 1.14% 1.07% 1.77%
Average balances
Loans $11,714 $11,755 $10,776 $11,391 $12,443
Total interest-earning
assets $82,288 $72,493 $81,393 $80,651 $75,848
Total assets $109,360 $102,356 $109,773 $107,895 $104,431
Total interest-bearing
liabilities $77,668 $70,402 $77,674 $77,00 $73,150
Common stockholders' equity $4,082 $4,364 $4,044 $4,110 $4,352
Total stockholders' equity $4,946 $4,812 $4,735 $4,790 $4,738
At end of period
Common stockholders' equity
to total assets 4.04% 4.03% 3.91%
Total stockholders' equity
to total assets 4.87% 4.40% 4.75%
Risk-based capital ratios (2)
Tier 1 Capital 8.00% 8.22% 8.64%
Total Capital 12.90% 13.48% 13.93%
Leverage Ratio 5.50% 5.54% 5.52%
Employees 13,808 14,221 13,787
<FN>
N/M Not meaningful.
(1) This calculation includes the effect of common shares issuable under
deferred stock awards.
(2) Regulatory capital ratios at September 30, 1995 are preliminary.
</TABLE>
<PAGE>
BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES
FINANCIAL STATISTICS (CONT'D)
(in millions)
(unaudited)
<TABLE>
<CAPTION>
September 30, June 30,
1995 1994 1995
<S> <C> <C> <C>
Nonperforming assets
Cash basis loans
Secured by real estate $394 $365 $412
Real estate related 23 27 25
Highly leveraged 148 188 110
Other 187 111 378
Refinancing country - 2 -
Total cash basis loans $752 $693 $925
Renegotiated loans
Secured by real estate $ 89 $13 $ 89
Other nonrefinancing country 12 1 12
Total renegotiated loans $101 $14 $101
Other real estate $281 $330 $263
Other nonperforming assets $64 $67 $64
</TABLE>
<TABLE>
<CAPTION>
Third Quarter Nine Months
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Allowance for credit losses
Balance, beginning of period $1,243 $1,340 $1,252 $1,324
Net charge-offs
Charge-offs 223 37 270 75
Recoveries 5 9 29 63
Total net charge-offs* 218 28 241 12
Provision for credit losses 7 17 21 17
Balance, end of period $1,032 $1,329 $1,032 $1,329
*Components:
Secured by real estate $ 9 $ 12 $ 12 $ 24
Real estate related - 20 2 22
Highly leveraged 6 1 28 (8)
Other 203 - 207 9
Refinancing country - (5) (8) (35)
Total $218 $ 28 $241 $ 12
</TABLE>
<PAGE>
BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(in millions, except per share data)
(unaudited)
<TABLE>
<CAPTION>
Increase
THREE MONTHS ENDED SEPTEMBER 30, 1995 1994 (Decrease)
<S> <C> <C> <C>
NET INTEREST REVENUE
Interest revenue $1,556 $1,207 $349
Interest expense 1,352 943 409
Net interest revenue 204 264 (60)
Provision for credit losses 7 17 (10)
Net interest revenue after provision
for credit losses 197 247 (50)
NONINTEREST REVENUE
Trading 257 278 (21)
Fiduciary and funds management 174 188 (14)
Fees and commissions 152 163 (11)
Securities available for sale gains 10 28 (18)
Other 162 50 112
Total noninterest revenue 755 707 48
NONINTEREST EXPENSES
Salaries 196 200 (4)
Incentive compensation and employee benefits 187 197 (10)
Occupancy, net 41 40 1
Furniture and equipment 40 42 (2)
Other 264 234 30
Total noninterest expenses 728 713 15
Income before income taxes 224 241 (17)
Income taxes 69 72 (3)
NET INCOME $ 155 $ 169 $(14)
NET INCOME APPLICABLE TO COMMON STOCK $ 139 $ 161 $(22)
EARNINGS PER COMMON SHARE:
PRIMARY $1.72 $1.98 $(.26)
FULLY DILUTED $1.71 $1.98 $(.27)
Cash dividends declared per common share $1.00 $.90 $.10
</TABLE>
<PAGE>
BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(in millions, except per share data)
(unaudited)
<TABLE>
<CAPTION>
Third Second
Quarter Quarter Increase
1995 1995 (Decrease)
<S> <C> <C> <C>
NET INTEREST REVENUE
Interest revenue $1,556 $1,520 $ 36
Interest expense 1,352 1,298 54
Net interest revenue 204 222 (18)
Provision for credit losses 7 - 7
Net interest revenue after provision
for credit losses 197 222 (25)
NONINTEREST REVENUE
Trading 257 79 178
Fiduciary and funds management 174 166 8
Fees and commissions 152 211 (59)
Securities available for sale gains 10 17 (7)
Other 162 114 48
Total noninterest revenue 755 587 168
NONINTEREST EXPENSES
Salaries 196 194 2
Incentive compensation and employee benefits 187 135 52
Occupancy, net 41 38 3
Furniture and equipment 40 40 -
Other 264 271 (7)
Total noninterest expenses 728 678 50
Income before income taxes 224 131 93
Income taxes 69 40 29
NET INCOME $ 155 $ 91 $ 64
NET INCOME APPLICABLE TO COMMON STOCK $ 139 $ 79 $ 60
EARNINGS PER COMMON SHARE:
PRIMARY $1.72 $.98 $.74
FULLY DILUTED $1.71 $.98 $.73
Cash dividends declared per common share $1.00 $1.00 $-
</TABLE>
<PAGE>
BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(in millions, except per share data)
(unaudited)
<TABLE>
<CAPTION>
Increase
NINE MONTHS ENDED SEPTEMBER 30, 1995 1994 (Decrease)
<S> <C> <C> <C>
NET INTEREST REVENUE
Interest revenue $4,429 $3,673 $ 756
Interest expense 3,821 2,730 1,091
Net interest revenue 608 943 (335)
Provision for credit losses 21 17 4
Net interest revenue after provision
for credit losses 587 926 (339)
NONINTEREST REVENUE
Trading 258 416 (158)
Fiduciary and funds management 511 563 (52)
Fees and commissions 508 540 (32)
Securities available for sale gains 29 51 (22)
Other 378 279 99
Total noninterest revenue 1,684 1,849 (165)
NONINTEREST EXPENSES
Salaries 598 566 32
Incentive compensation and employee benefits 455 561 (106)
Occupancy, net 120 115 5
Furniture and equipment 122 118 4
Provision for severance-related costs 50 - 50
Other 795 682 113
Total noninterest expenses 2,140 2,042 98
Income before income taxes 131 733 (602)
Income taxes 42 219 (177)
NET INCOME $ 89 $ 514 $(425)
NET INCOME APPLICABLE TO COMMON STOCK $ 53 $ 492 $(439)
EARNINGS PER COMMON SHARE:
PRIMARY $.66 $5.97 $(5.31)
FULLY DILUTED $.65 $5.97 $(5.32)
Cash dividends declared per common share $3.00 $2.70 $.30
</TABLE>
<PAGE>
BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
($ in millions, except par value)
(unaudited)
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
<S> <C> <C>
ASSETS
Cash and due from banks $ 1,715 $ 1,985
Interest-bearing deposits with banks 1,605 3,390
Federal funds sold 29 2,544
Securities purchased under resale agreements 16,081 9,943
Securities borrowed 7,467 6,197
Trading assets 50,364 47,514
Securities available for sale 7,140 7,475
Loans 12,786 12,501
Allowance for credit losses (1,032) (1,252)
Premises and equipment, net 900 915
Due from customers on acceptances 461 378
Accounts receivable and accrued interest 3,168 2,356
Other assets 3,265 3,070
Total $103,949 $97,016
LIABILITIES
Deposits
Noninterest-bearing
In domestic offices $ 2,898 $ 3,285
In foreign offices 522 541
Interest-bearing
In domestic offices 5,052 5,769
In foreign offices 15,685 15,344
Total deposits 24,157 24,939
Trading liabilities 24,672 20,949
Securities sold under repurchase agreements 17,899 15,617
Other short-term borrowings 16,573 18,222
Acceptances outstanding 461 378
Accounts payable and accrued expenses 4,351 3,174
Other liabilities 2,171 2,328
Long-term debt 8,354 6,455
Total liabilities 98,638 92,062
PREFERRED STOCK OF SUBSIDIARY 250 250
STOCKHOLDERS' EQUITY
Preferred stock 865 395
Common stock, $1 par value
Authorized, 300,000,000 shares
Issued, 83,678,973 shares 84 84
Capital surplus 1,301 1,317
Retained earnings 3,295 3,494
Common stock in treasury, at cost:
1995, 5,085,045 shares;
1994, 5,609,707 shares (373) (416)
Other (111) (170)
Total stockholders' equity 5,061 4,704
Total $103,949 $97,016
</TABLE>
FRANK NEWMAN NAMED TO SUCCEED CHARLES SANFORD
AS BANKERS TRUST CHAIRMAN AND CEO
New York, Oct. 19, 1995 -- The Board of Directors of
Bankers Trust New York Corporation announced today that
Frank N. Newman has been unanimously elected to succeed
Charles S. Sanford, Jr., as chairman and chief executive
officer of both the Corporation and its principal banking
subsidiary, Bankers Trust Company.
Mr. Newman was elected president today and will assume
the chief executive responsibilities on January 1, 1996. He
will become chairman and CEO upon Mr. Sanford's retirement
on April 16, 1996, following the Corporation's annual
meeting of shareholders.
Eugene B. Shanks, Jr., has advised the Board of his
decision to resign as president and as a director of Bankers
Trust effective immediately.
"I appreciate the confidence that the Board has shown
in me, and I welcome the challenge that comes with this
responsibility," said Mr. Newman. "I look forward to working
with the exceptionally talented, innovative and dedicated
people who are Bankers Trust. As we build on Charlie
Sanford's considerable achievements, our principal
commitment will be to serve our clients faithfully, with the
highest standards of professionalism, and our strongest
conviction will be that, for Bankers Trust, the best is yet
to be."
Speaking for the Board, Director Hamish Maxwell said,
"Frank Newman has demonstrated leadership qualities of the
highest order during his distinguished career as a banking
executive and as a senior government official. We are
confident that the future leadership of Bankers Trust is
being placed in extraordinarily competent hands. We had
hoped that Gene Shanks would decide to continue his service
with Bankers Trust, but we understand his decision and
accept it with regret."
- more -
"I am disappointed, of course, that I will not have the
opportunity to serve as Bankers Trust's CEO, but I will
leave with a sense of accomplishment that comes from having
made a contribution to the building of a strong and durable
franchise, with great memories from my association with a
group of exceptional people over the past 20 years, and with
anticipation of new and different challenges ahead," said
Mr. Shanks.
Mr. Sanford, who announced in May of this year his
plans to retire, said "Bankers Trust brings great strengths
to the challenges that lie ahead: financial strength,
product strength and diversity, strong local operations that
form a world class global network, superb people and, in
Frank Newman, an outstanding leader."
Mr. Newman, who is 53 years old, served until last
month in the Clinton Administration as deputy secretary of
the Treasury under Secretaries Lloyd Bentsen and Robert
Rubin. He was also chief operating officer for the Treasury
Department's operating bureaus, policy offices and 160,000
employees. In recognition of his service to Treasury, Mr.
Newman received the Alexander Hamilton Award, the highest
honor bestowed upon department officials by the Secretary of
the Treasury. He joined Treasury after 24 years in the
banking industry, most recently with BankAmerica
Corporation, where he was vice chairman of the Board and
chief financial officer and where he played a key role in
that company's growth and success from 1986 to 1993.
- 30 -
For additional information, contact Doug Kidd, Bankers
Trust, 212-454-3532.
<PAGE>
BANKERS TRUST NEW YORK CORPORATION
280 PARK AVENUE
NEW YORK, NEW YORK 10017
Geoffrey M. Fletcher
Senior Vice President and
Principal Accounting Officer
October 19, 1995
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Dear Sirs:
Accompanying this letter is Bankers Trust New York
Corporation's report on Form 8-K dated October 19, 1995 (the
"Form 8-K"). The Form 8-K is being filed electronically
through the EDGAR System.
Very truly yours,
BANKERS TRUST NEW YORK CORPORATION
/s/ By: GEOFFREY M. FLETCHER
Geoffrey M. Fletcher
Senior Vice President and
Principal Accounting Officer
