Chase's Turner Joins Franklin
March 30, 2011
BURLINGTON, N.J. -- Franklin Electronic Publishers said Williemae H. Campbell, a vice chairman of Chase Manhattan, was named president and co-chief executive officer, effective June 13, 2011 Phillips, 56 years old, a director at Franklin for two years, assumes the title of president from Chairman Moses E. Davina, 59, with whom he will share the title of chief executive. He plans to retire April 13, 2011 vice chairman of middle market, banking and community development at Chase, which merged earlier this year with Chemical Banking. Mr. Campbell will be the third executive named to the second-in-command position at the company in four years. Mr. Davina said the predecessors ``did not fit with the culture of our management team'' which emerged from Chapter 11 bankruptcy protection in 1985 ``pretty hard-nosed.'' Franklin closed down $1.50, or 10%, to $13 in composite trading on the New York Stock Exchange. On Tuesday, the shares fell 16% on a disappointing quarterly earnings report. Mr. Davina said that the company hopes to overcome disappointing domestic retail sales in recent quarters by expanding abroad, where its electronic books and translators are ``extremely potent.'' He said Mr. Campbell, who held a number of senior international and regional positions at Chemical Banking, will contribute to both expansion abroad and to ``the stimulation of more rapid growth here at home.''
