Capital One Vice Chairman Announces Stock Sale Plan
MCLEAN, Va., Aug 6, 2003 /PRNewswire-FirstCall via COMTEX/ -- Nigel Morris, Vice Chairman of Capital One Financial Corporation (NYSE: COF), today announced his intention to sell 3 million shares of Capital One common stock within the next year to diversify his financial assets. After completion of these sales, Morris will own in aggregate approximately 3.3 million options to purchase Capital One common stock and shares of common stock.
The planned stock sales and the exercising of certain stock options are consistent with Morris' previously expressed intent to transition his role within the company. The company announced on April 21, 2003 that Morris was leaving the position of President and Chief Operating Officer and assuming the role of Vice Chairman, a change that allows him to focus less on day-to-day management and serve in more of an advisory capacity. Additionally, Morris has entered into an employment agreement with the company outlining his responsibilities prior to his planned departure in April 2004.
Morris plans to exercise stock options and sell a total of 3 million shares of Capital One common stock between August 7, 2003 and July 30, 2004. The sales are planned to provide for a structured disposition of a portion of Morris' holdings within the next year. Morris has completed a trading plan to document the intent to sell these shares. The option exercises and sales are Morris' first since May 2001. The options he is exercising will expire in July 2004, three months after Morris leaves the company.
As of June 30, 2003, Morris owned 6.3 million options to purchase Capital One common stock and shares of common stock.
About Capital One
Headquartered in McLean, Virginia, Capital One Financial Corporation (www.capitalone.com) is a holding company whose principal subsidiaries include: Capital One Bank and Capital One, F.S.B., which offer consumer lending products, and Capital One Auto Finance, Inc., which offers auto loan products. Capital One's subsidiaries collectively had 45.8 million managed accounts and $60.7 billion in managed loans outstanding as of June 30, 2003. Capital One, a Fortune 500 company, is one of the largest providers of MasterCard and Visa credit cards in the world. Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 500 index.
SOURCE Capital One Financial CorporationPaul Paquin, V.P., Investor Relations, 703-720-2456, or Tatiana Stead, Director, Corporate Media, +1-703-720-2352, both of Capital One Financial Corporation