DETROIT, Mar 12, 2002 /PRNewswire-FirstCall via COMTEX/ -- Comerica Incorporated (NYSE: CMA) today announced Elizabeth S. Acton will join the company April 15 as Executive Vice President and Chief Financial Officer. Acton also will join the company's Management Council. The announcement was made by Ralph W. Babb Jr., president and chief executive officer.
Acton joins Comerica from Ford Motor Company (NYSE: F), where she served as vice president - treasurer, with responsibility for worldwide automotive and financial services treasury activities. Acton will succeed Babb, who was appointed president and chief executive officer in January. Acton will report to Babb and will oversee Controller, Treasury, Economics, Investor Relations, bank investments and other financial areas, Purchasing and Real Estate, and Corporate Security.
"Beth Acton has considerable expertise in financial management and brings more than 25 years of experience to Comerica," said Babb. "She is dedicated to the highest standard of performance and is an outstanding financial executive with strong leadership skills."
Acton joined Ford Motor Company in 1983 after seven years of service with Continental Illinois National Bank and Trust Company. While at Ford Motor Company, she held various management positions in the Treasurer's Office before being named assistant treasurer in 1995. She served as executive vice president, Finance, and chief financial officer of Ford Credit from 1998 to 2000. She has served as vice president and treasurer of Ford Motor Company since 2000.
"Comerica has built its reputation on relationship management and is able to grow because of its highly disciplined strategy," said Acton. "Its credit culture also is highly regarded in the financial services industry, as is its management team. I am pleased to have the opportunity to help Comerica continue to grow, while building upon the successes of my predecessor and all those who have come before him."
Comerica Incorporated (NYSE: CMA) is a financial services company focused on business banking and asset gathering. Through its more than 500 customer- service locations, including branch, lending and investment offices, Comerica helps businesses and people be successful. Comerica is ideally positioned to deliver high quality financial services in Michigan, California and Texas, as well as in Florida, 19 other states, Canada and Mexico. Comerica has an investment services affiliate, Munder Capital Management, ranked among the top 5 percent of money managers worldwide. Comerica reported total assets of $51 billion at December 31, 2001.
CONTACT: Sharon R. McMurray, +1-313-222-4881, Sharon_r_mcmurray@comerica.com , or Kathleen A. Pitton, +1-313-222-4916, kathleen_a_pitton@comerica.com , both of Comerica Incorporated
