ACOG CEO Billy Payne will become Vice Chair of Charlotte-
based NationsBank on February 1, according to Maria Saporta of
the ATLANTA CONSTITUTION. Payne will be "involved in business
development and help represent NationsBank throughout the world"
and will "report directly" to NationsBank Chair & CEO Hugh L.
McColl Jr. Payne will be based in Atlanta. Payne: "That was
the only condition I set irrevocably." McColl said Payne will
become a "co-salesman" of the company, adding "He's going to
provide a great deal of support for me in dealing with our many
consumers -- customers, shareholders, the press and others."
Neither McColl nor Payne would confirm his salary, but "based
upon what other senior executives are making, it is expected that
his base pay will be about $500,000, with an opportunity to
double that through bonuses." Payne will not be on the
NationsBank board (ATLANTA CONSTITUTION, 9/27).
OTHER OFFERS: In Charlotte, Pamela Moore reports Payne "was
weighing five other job offers" when McColl approached him
shortly after the Olympics, when the two attended a Jefferson
Pilot board meeting, as both serve on the board of the Greensboro
insurance company (CHARLOTTE OBSERVER, 9/27).
REAX: The WALL STREET JOURNAL notes Payne's hire "came as a
surprise to industry analysts, given that [he] has virtually no
banking experience." When Payne campaigned to bring the Games to
Atlanta, however, he "served much like an ambassador" for the
city, "a role he is expected to play for NationsBank" (WALL
STREET JOURNAL, 9/27).
