MBNA Corp. chief financial officer Vernon Wright is tying up loose ends ahead of his scheduled Dec. 15, retirement date, after which he still plans to serve as an advisor with the firm, as well as remain on the MBNA America Bank board of directors. Wright will also continue working with the American Securitization Forum, which he helped found in 2002. "All I am trying to do is get down to 40 hours a week," Wright quipped. Taking over his duties, beginning in December will be group executive Tom Wren and Kenneth Vecchione, who assumed the MBNA Corp. CFO role on Sept. 30.
Ray McDaniel will become chairman and chief executive officer of Moody's Corp., effective April 2005, when John Rutherford plans to resign at the age of 65. In his new role, McDaniel will continue to have responsibility for both the Moody's Investors Service and Moody's KMV businesses. McDaniel has served as president of Moody's Investors Service since November 2001, and was elected to the Moody's Corp. board of directors in April 2003. Co-chief operating officers Brian Clarkson and Chris Mahoney will remain in their respective positions, jointly reporting to McDaniel.