Wachovia Hires Lehman as CFO

September 16, 2003

Wachovia Insurance Services, an integral part of Wachovia Wealth Management, announced that Karen J. Lehman has joined the firm as chief financial officer. The Winston-Salem, N.C.-based company said that Lehman, a 20-year accounting veteran, is responsible for the oversight of all finance, accounting and performance reporting activities for Wachovia Insurance Services.

Lehman joins Wachovia Insurance Services from Palmer & Cay Inc., where she held the chief financial officer position since 1992. In addition to her financial duties at Palmer & Cay, Lehman facilitated all merger and acquisition functions along with all systems implementation at the company. From 1986 to 1992, she was controller for a previously held subsidiary of Palmer & Cay. Prior to entering the insurance industry, she worked in public accounting for five years.

“As the 15th largest insurance broker in the country, Wachovia Insurance Services needed a chief financial officer totally dedicated to our business,” said David Holton, president of Wachovia Insurance Services. “Adding the position is a sign of Wachovia’s commitment to being a leading insurance provider in our nation, and Karen Lehman brings the credentials we need to help take us to the next level.”

Lehman is the second significant hire at Wachovia Insurance Services in as many months. In July, Stewart McDowell, from Willis Group Holdings, the world’s third largest insurance broker, joined as chief operating officer, reporting to Holton.

Lehman will report to Holton and Glenn McCoy, chief financial officer for Wachovia Wealth Management. She will work out of Winston-Salem, N.C., where Wachovia Wealth Management and Wachovia Insurance Services are headquartered.

“Wachovia Insurance Services is poised for future growth, and Karen Lehman will be a major asset to us in building this business,” said McCoy. “Karen will be invaluable as the primary advisor to management on financial matters including M & A due diligence, valuation and capital investments.”

Lehman received a bachelor’s degree in accounting from the University of Akron. She is a Certified Public Accountant (CPA) and earned the Personal Financial Planning designation. Lehman is a member of the American Institute of Certified Public Accountants.

“It quickly became obvious to me that Wachovia Insurance Services is committed to growing and becoming a major player in the insurance industry,” said Lehman. “This is an opportunity to be a part of a major success story, and I look forward to being a part of that success.”

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