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Wachovia hires president for retirement and investment products group

Wachovia Corporation, a financial holding company, has named John Papadopulos as the new president of the retirement and investment products group, one of the three businesses within the capital management group.

Mr Papadopulos succeeds Robert Reid, who recently was named head of the real estate division within the corporate and investment bank. He will report to David Carroll, head of the capital management group, and serve on the division’s operating committee.

Before joining Wachovia, Mr Papadopulos served as a managing director at Bankers Trust in New York and at Continental Illinois Bank in Chicago.

In his new role, Mr Papadopulos will oversee the firm’s retirement business, including its retail retirement business, which provides products, including individual retirement accounts and annuities, to Wachovia’s distribution channels, which include Wachovia Bank and Wachovia Securities; Wachovia retirement services, its defined contribution and defined benefit recordkeeping business; and the reinsurance business.

Mr Carroll said: John has had a long career focused on serving the unique needs of his clients, has a strong track record of growing businesses and is very effective at building partnerships across the broader company. I am pleased that John will be at the helm of this business. He has a mandate to advance our efforts further into the consumer and institutional markets so that Wachovia will ultimately be the retirement provider of choice.