Duke - The Fuqua School of Business

News Release

The Bank Of New York President Gerald Hassell Named Chair Of Fuqua Board Of Visitors

May 11, 2005

Gerald L. Hassell, president of The Bank of New York Company, Inc., has been named chairman of the Board of Visitors at Duke University’s Fuqua School of Business. The announcement was made at the spring Board of Visitors meeting.

Hassell has served on the Board since 1999. He succeeds Alan D. Schwartz, president of Bear, Stearns & Co., who is retiring from the board.

Douglas T. Breeden, Dean of The Fuqua School of Business says, “Alan Schwartz has done an outstanding job as chairman of our Board of Visitors, especially in providing leadership as Fuqua raised funds for 11 newly endowed professorships.”

Added Breeden: "We know that Gerald Hassell will be yet another outstanding chairman. He is a strong, quiet, principled leader who leads by example. His global business background is perfect for Duke’s continued strides in making a positive world impact.”

“The opportunity to chair Fuqua’s Board of Visitors is an honor and a privilege," said Hassell. "Fuqua occupies a position of prominence among the nation’s elite business schools and has a history of nurturing and equipping the next generation of business leaders. The Board looks forward to providing meaningful guidance and support that helps sustain that tradition of excellence.”

As president of The Bank of New York, Hassell oversees the company’s broad range of securities services businesses, as well as client management and global sales and marketing activities. During the course of his career, Hassell has held a number of key leadership positions in corporate banking, credit, strategic planning and administrative services. Prior to this current position, he was the Bank’s chief commercial banking officer.

Hassell holds a BA in economics from Duke and an MBA in finance from New York University. In addition to the Fuqua Board of Visitors, he also serves on the boards of the Financial Services Roundtable and Financial Services Forum, the Private Export Funding Corporation and Big Brothers/Big Sisters of New York.

The Bank of New York Co., Inc. is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. Founded in 1784, The Bank of New York is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide.