Ward Resigns

Ward Resigns

Lloyd Ward (pictured above) resigned as CEO of the U.S. Olympic Committee (USOC) amid accusations of ethics code violations and mismanagement. The former Maytag CEO had been under investigation for allegedly trying to help a company with ties to his brother land a deal to supply temporary power for the 2003 Pan American Games in the Dominican Republic. Following the investigation, Ward was stripped of his $184,800 bonus for 2002 for the violation. Ward was hired to replace Norm Blake in October 2001 after Blake resigned amid internal strife. Among Ward’s accomplishments while in office were identifying additional revenue streams for the USOC and pushing for the admittance of women into Augusta National Golf Club.

Former investment advisor Alan Bond was sentenced to 12 years and seven months in prison for stealing more than $6 million from his clients. The judge also ordered Bond to pay $6.5 million in restitution to his clients, including three pension plans and $35,000 in fees. The former president and chief investment officer of Albriond Capital Management was convicted of investment advisory fraud and mail fraud in the “cherry picking” scheme in June and pleaded guilty in October to conspiracy, investment-advisory fraud, and making false tax returns.

Atlanta-based Capitol City Bank & Trust Co. (No. 21 on the 2002 BE BANKS list with $85.37 million in total assets) reported that it plans to expand into Savannah and Chatham County, Georgia. The company purchased a building in downtown Savannah for approximately $1 million, including renovations. “We chose Savannah because right now it’s growing a lot faster than Atlanta in terms of job creation,” says George Andrews, CEO of the bank, pointing out that DaimlerChrysler announced plans to build an auto plant in the city that would employ 4,000–5,000 people.