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April 17, 2008 |
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DORAL FINANCIAL: R. Quinlan Hired as Director; O. Uziel Resigns Doral Financial Corp. said in a regulatory filing with the U.S. Securities and Exchange Commission that Ori Uziel, on April 8, 2008, resigned from the company's board of directors. The company further disclosed that its board has appointed Raymond J. Quinlan to serve as a director of the company, effective the same day. Mr. Quinlan has been a financial management consultant since 2007. Previously, Mr. Quinlan held various positions with Citigroup, including Chairman & CEO, Retail Distribution North America (2005-2007), Managing Director of M & A Execution (2002- 2005) and CEO, International Cards Division (2000-2002). For his services as a Director, Mr. Quinlan will be entitled to receive an annual retainer fee of US$50,000, payable in quarterly installments of US$12,500, plus US$3,500 for each board and committee meeting attended, subject to a maximum attendance fee of US$25,000. In addition, the company will reimburse Mr. Quinlan for all reasonable travel expenses incurred in connection with his attendance at meetings. Mr. Quinlan will also be entitled to receive a one-time grant of options to purchase 20,000 shares of the company’s common stock, vesting ratably over five years, at a purchase price equal to the fair market value of the company’s common stock on the date of grant. In addition, Mr. Quinlan will be entitled to receive an annual grant of 2,000 shares of restricted stock, which will vest one year from the date of grant. The grant of stock options and restricted shares are subject to the approval of the company’s 2008 Stock Incentive Plan at the annual meeting of stockholders scheduled for May 7, 2008. Based in New York City, Doral Financial Corp. (NYSE: DRL) -- http://www.doralfinancial.com/ -- is a diversified financial services company engaged in mortgage banking, banking, investment banking activities, institutional securities and insurance agency operations. Its activities are principally conducted in Puerto Rico and in the New York City metropolitan area. Doral is the parent company of Doral Bank, a Puerto Rico based commercial bank; Doral Securities, a Puerto Rico based investment banking and institutional brokerage firm; Doral Insurance Agency Inc. and Doral Bank FSB, a federal savings bank based in New York City. * * * As reported in the Troubled Company Reporter-Latin America on April 3, 2008, Standard & Poor's Ratings Services raised its long-term counterparty credit rating on Doral Financial Corp. to 'B+' from 'B' and removed it from CreditWatch Positive, where it had been placed July 20, 2007. S&P said the outlook is stable. |
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