Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - BlackRock Inc. | form8-k.htm |
Exhibit
99.1
Contacts:
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Media
Relations
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Media/Investor
Relations
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Bobbie
Collins
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Brian
Beades
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212-810-8155
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212-810-5596
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Bobbie.Collins@blackrock.com
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Brian.Beades@blackrock.com
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BlackRock
Announces Additions to Board of Directors
New York, October 9, 2009 —
BlackRock, Inc. (NYSE:BLK) today announced that Sallie L. Krawcheck,
President of Global Wealth & Investment Management for Bank of America
Corporation, and Mark D. Linsz, Corporate Treasurer for Bank of America
Corporation, have joined the Company’s Board of Directors.
“We
are very pleased to welcome Sallie and Mark as Board members and look forward to
the new business perspectives and talents each of them brings to the Company,”
commented Laurence D. Fink, Chairman and CEO of BlackRock.
The
appointments of Ms. Krawcheck and Mr. Linsz fill two seats vacated by Brian T.
Moynihan and Daniel C. Sontag who have stepped down from the Board.
Under
the terms of BlackRock’s stockholder agreement with Merrill Lynch, Merrill Lynch
may designate two directors to BlackRock’s Board of Directors. Bank
of America completed its purchase of Merrill Lynch in January 2009.
BlackRock’s
Board of Directors has 16 members, ten of whom are independent and not
affiliated with the Company. Biographical information on each of the new
directors is provided below and additional information can be found on the
“Investor Relations” section of www.blackrock.com.
Sallie L.
Krawcheck: Ms. Krawcheck, 44, is President of Global Wealth &
Investment Management for Bank of America, one of the largest wealth management
businesses in the world with nearly 19,000 advisors across the entire wealth
spectrum and $1.9 trillion in total client assets. The Global Wealth &
Investment Management business provides comprehensive wealth management to
affluent, mass affluent, high net worth and ultra high net worth clients,
individual and institutional retirement plans, and philanthropic
management. Prior to joining Bank of America, Ms. Krawcheck was Chief
Executive Officer and Chairman for Citi Global Wealth Management, responsible
for the Citi Private Bank, Citi Smith Barney and Citi Investment Research. Ms.
Krawcheck joined Citi in October 2002 as Chairman and Chief Executive Officer of
Smith Barney. In 2004, she was appointed Chief Financial Officer and
head of Strategy for Citigroup Inc. Prior to joining Citi, Ms.
Krawcheck was Chairman and Chief Executive Officer of Sanford C. Bernstein &
Company.
Mark D.
Linsz: Mr. Linsz, 45, is Corporate Treasurer for Bank of
America. Mr. Linsz has responsibility for the core treasury functions
for funding of the company, maintaining a strong capital and liquidity position
and managing interest rate risk. As Treasurer, Mr. Linsz forecasts
the level of net interest income, calculates the economic capital required by
each of the company’s activities and manages the company’s relationship with
credit rating agencies. Previously, Mr. Linsz served as Global
Markets Risk Management Executive and Chief Risk officer for Europe, the Middle
East, Africa (EMEA) and Asia. In these roles, Mr. Linsz was responsible for
leading a comprehensive, integrated strategy for managing credit, market and
operational risks. Mr. Linsz began his career with Chicago Research
and Trading Group (CRT) in 1987. Prior to being purchased by NationsBank, he was
the head of Market Risk for CRT and continued these responsibilities at
NationsBanc-CRT. In 1998, Linsz moved to Hong Kong to be the Market Risk manager
for Asia. Several years later, he managed the Global Corporate and Investment
Banking Compliance Group as Chief Compliance Officer, ensuring that
comprehensive compliance programs were in place to mitigate compliance
risk.
About
BlackRock
BlackRock is one of the world’s largest publicly traded
investment management firms. At June 30, 2009, BlackRock’s assets under
management were $1.373 trillion. The firm manages assets on behalf of
institutions and individuals worldwide through a variety of equity, fixed
income, cash management and alternative investment products. In addition, a
growing number of institutional investors use BlackRock Solutions® investment system, risk management and financial
advisory services. The firm is headquartered in New York City and has employees
in 21 countries throughout the U.S., Europe and Asia Pacific. For additional
information, please visit the firm's website at www.blackrock.com.
Forward-Looking
Statements
This
press release, and other statements that BlackRock may make, may contain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act, with respect to BlackRock’s future financial or business
performance, strategies or expectations. Forward-looking statements
are typically identified by words or phrases such as “trend,” “potential,”
“opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,”
“current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,”
“remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or
future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or
similar expressions.
BlackRock
cautions that forward-looking statements are subject to numerous assumptions,
risks and uncertainties, which change over time. Forward-looking
statements speak only as of the date they are made, and BlackRock assumes no
duty to and does not undertake to update forward-looking
statements. Actual results could differ materially from those
anticipated in forward-looking statements and future results could differ
materially from historical performance.
In
addition to risk factors previously disclosed in BlackRock’s SEC reports and
those identified elsewhere in this report the following factors, among others,
could cause actual results to differ materially from forward-looking statements
or historical performance: (1) the introduction, withdrawal, success and timing
of business initiatives and strategies; (2) changes and volatility in political,
economic or industry conditions, the interest rate environment or financial and
capital markets, which could result in changes in demand for products or
services or in the value of assets under management; (3) the relative and
absolute investment performance of BlackRock’s investment products; (4) the
impact of increased competition; (5) the impact of capital improvement projects;
(6) the impact of future acquisitions or divestitures; (7) the unfavorable
resolution of legal proceedings; (8) the extent and timing of any share
repurchases; (9) the impact, extent and timing of technological changes and the
adequacy of intellectual property protection; (10) the impact of legislative and
regulatory actions and reforms and regulatory, supervisory or enforcement
actions of government agencies relating to BlackRock, Barclays, Bank of America,
Merrill Lynch or PNC; (11) terrorist activities and international hostilities,
which may adversely affect the general economy, domestic and local financial and
capital markets, specific industries or BlackRock; (12) the ability to attract
and retain highly talented professionals; (13) fluctuations in the carrying
value of BlackRock’s investments; (14) fluctuations in foreign currency exchange
rates, which may adversely affect the value of investment advisory and
administration fees earned by BlackRock or the carrying value of certain assets
and liabilities denominated in foreign currencies; (15) the impact of changes to
tax legislation and, generally, the tax position of the Company; (16) the
ability of BlackRock to effectively manage the former Quellos business along
with its historical operations; (17) BlackRock’s success in maintaining the
distribution of its products; (18) the impact of BlackRock electing to provide
support to its products from time to time; (19) the impact of problems at other
financial institutions or the failure or negative performance of products at
other financial institutions; and (20) the ability of BlackRock to complete the
transaction with Barclays.
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BlackRock's
Annual Reports on Form 10-K and BlackRock's subsequent filings with the SEC,
accessible on the SEC's website at http://www.sec.gov and on BlackRock’s website
at http://www.blackrock.com, discuss these factors in more detail and identify
additional factors that can affect forward-looking statements. The information
contained on our website is not a part of this press release.
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