DATE: Dec. 23, 2008
TO: All Wachovia Colleagues
FROM: Robert K. Steel, President and CEO
RE: End-of-Year Message
Earlier today, Wachovia shareholders approved the merger with Wells Fargo at a special meeting. The merger is expected to be completed by Dec. 31.
As this final chapter in our long history comes to a close, I want to thank all of you for the extraordinary contributions you have made to our company. Despite an extremely difficult year, you stayed focused on taking care of Wachovia's customers, communities, shareholders and each other. In fact, even in extremely challenging circumstances, you delivered the service that underscores why Wachovia has been rated No.
1 in customer satisfaction for seven consecutive years.
It has been my privilege to be a part of this team for the past six months. As announced previously, I will not be in an executive management role at Wells Fargo; however, I will join the Wells Fargo board of directors following the completion of the merger. The Wells
Fargo board has also elected the following members from Wachovia's board: John D. Baker, Donald M. James and Mackey J. McDonald.
As the year draws to a close, I want to wish each of you the best during the coming new chapters of the company's history. Let me also thank members of the Operating Committee for their leadership and long history of dedication. Steve Cummings, Ben Jenkins, Shannon McFayden, Ken Phelan, Jane Sherburne, Cece Sutton, Ben Williams and David Zwiener will leave Wachovia upon completion of the merger. Please join me in recognizing and thanking them for their service.
The holidays are a time for rejuvenation, and I hope you enjoy them. The new year, 2009, arrives with tremendous opportunities as the new Wells Fargo takes its place as one of the world's great companies. I have every confidence--and you should, too--in your abilities and enthusiasm.
*Take me with you.