Security Trust replaces CEO Amid Canary Capital Investigation
PHOENIX, AZ, October 6, 2003 -- Security Trust Company, N.A. (STC) has named Thomas E. Plumb interim chief executive officer, subject to approval by the Office of the Comptroller of the Currency (OCC).
Plumb replaces former CEO Grant D. Seeger, who resigned October 5. Appointed as chief executive officer by STC's board of directors, Plumb also is joining the board.
Plumb and the rest of STC management team will respond to any and all findings that result from the independent internal investigation that is currently underway. In the investigation, an independent firm is reviewing and analyzing the transactions that occurred during the period in which Canary Capital Management was an STC client. The firm also is reviewing STC's operating practices, policies, and procedures.
Plumb brings more than 20 years' trust industry experience to STC. Most recently, he held the position of president and CEO of PlanAnalytics, Inc. (Mendota Heights, Minn.), an e-distribution, research, and consulting firm providing sales and marketing product and services to financial advisors. Prior to that time, he spent 22 years with U.S. Bancorp in executive positions with the company's trust and investment businesses. He has extensive experience in investment management, and in working with regulatory agencies and both internal and external audit groups.
"I accepted this position because I recognize STC's leadership role in the trust industry, particularly in servicing retirement plans," says Plumb. "With its depth of services, technology, and personnel, this company has tremendous potential."
Security Trust Company, N.A. ( http://www.securitytrustco.com ) is an independent trust company, pro viding institutional back-office trust services to financial service providers -- including brokers, investment advisors, money managers, and record-keepers/third-party administrators (TPAs) -- and their customers. The Phoenix-based company, founded in 1991, services assets of nearly $13 billion through private client, master custody, and corporate (retirement plan) services.
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