9:28 AM Wed, Oct 08, 2008 | Permalink
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Sovereign Bancorp Inc., the largest U.S. savings and loan with a number of branches in Rhode Island, will pay interim Chief Executive Officer Kirk Walters $700,000 a year.
Walters, the former chief financial officer who was promoted on Sept. 30, will initially receive a base salary of $550,000 for this year and be eligible for a bonus, the company said in a regulatory filing .
In January, Paul Perrault, 57, the former CEO of Chittenden Corp. in Vermont, will become CEO. He replaces Joseph Campanelli, the former CEO who has already left the bank.
Sovereign named Campanelli CEO in October 2006, replacing Jay Sidhu.
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