Mark F. Furlong Succeeds Dennis J. Kuester as CEO of Marshall & Ilsley Corporation
April 24 2007 - 12:06PM
PR Newswire (US)
-- Board announces 14.8 percent increase to quarterly cash dividend
MILWAUKEE, April 24 /PRNewswire-FirstCall/ -- Marshall & Ilsley
Corporation (NYSE:MI) announced that Dennis J. Kuester, 65, retired
as CEO today in connection with the Corporation's Annual Meeting of
Shareholders. He is succeeded by Mark F. Furlong, 50, who will
serve as CEO of both the Corporation and M&I Marshall &
Ilsley Bank. Kuester will continue to serve as chairman of the
board. This transition was announced in December 2006 as part of
the Corporation's succession plan for senior executives. Marshall
& Ilsley Corporation's board of directors has increased the
quarterly cash dividend on its common stock 14.8 percent to $0.31
per share from $0.27 per share. The cash dividend is payable on
June 8, 2007, to shareholders of record at the close of business as
of May 25, 2007. David J. Lubar was elected to Marshall &
Ilsley Corporation's board of directors. Lubar, 52, is president of
Lubar & Co. Incorporated, a private equity investment firm and
family office located in Milwaukee. He serves on the boards of
directors for Lubar & Co., Lake Express, Marshall Erdman &
Associates, Rockland Industrial Products, Wrightwood Capital, the
Milwaukee Brewers Baseball Club, the Wisconsin Policy Research
Institute, and the Metropolitan Milwaukee Association of Commerce.
In addition, Lubar serves on the advisory board for the University
of Wisconsin-Milwaukee School of Business. In addition, the
following directors were re-elected: Jon F. Chait, chairman of the
board and CEO of Hudson Highland Group, Inc. Dennis J. Kuester,
chairman of the board San W. Orr, Jr., chairman of the board and
director of Wausau Paper Corp. Debra S. Waller, chairman of the
board and CEO of Jockey International, Inc. George E. Wardeberg,
retired, vice chairman of the board, Wisconsin Energy Corporation.
Shareholders also approved an amendment to the Company's Restated
Articles of Incorporation to declassify the board of directors. In
addition, shareholders approved the Marshall & Ilsley
Corporation 2007 Equity Incentive Plan and the appointment of
Deloitte & Touche LLP to audit the financial statements of the
Company for 2007. The board of directors also reconfirmed M&I's
share repurchase program. This program gives M&I the ability to
purchase annually up to 12 million shares of its issued and
outstanding common stock. Purchases under this program may be made
in open market or private transactions, in block trades, or in
accelerated share repurchase programs or similar facilities.
Marshall & Ilsley Corporation (NYSE:MI) is a diversified
financial services corporation headquartered in Milwaukee, Wis.,
with $56.5 billion in assets. Founded in 1847, M&I Marshall
& Ilsley Bank is the largest Wisconsin- based bank, with 193
offices throughout the state. In addition, M&I has 47 locations
throughout Arizona; 30 offices along Florida's west coast and
central Florida; 17 offices in Kansas City and nearby communities;
17 offices in metropolitan Minneapolis/St. Paul, and one in Duluth,
Minn.; three offices in Tulsa, Okla.; and one office in Las Vegas,
Nev. M&I's Southwest Bank subsidiary has 16 offices in the
greater St. Louis area. Metavante Corporation, a wholly owned
subsidiary, provides a full array of technology products and
services for the financial services industry. On April 3, 2007,
Marshall & Ilsley Corporation announced its plans to split
Metavante Corporation and Marshall & Ilsley Corporation into
independent publicly traded companies. M&I also provides trust
and investment management, equipment leasing, mortgage banking,
asset-based lending, financial planning, investments, and insurance
services from offices throughout the country and on the Internet (
http://www.mibank.com/ or http://www.micorp.com/ ). M&I's
customer-based approach, internal growth, and strategic
acquisitions have made M&I a nationally recognized leader in
the financial services industry. DATASOURCE: Marshall & Ilsley
Corporation CONTACT: Greg Smith, senior vice president, chief
financial officer, +1-414-765-7727, or Dave Urban, vice president,
director of investor relations, +1-414-765-7853, both of Marshall
& Ilsley Corporation Web site: http://www.micorp.com/
http://www.mibank.com/
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