Sovereign Bank CEO Joe Campanelli of Wellesley is being replaced. Sovereign took a bath on Wall St. this week, though the bank said Campanelli’s departure isn’t tied directly to that. Campanelli, a regular on the charity event circuit who is pictured often in various “social scene” write-ups, took over at the bank in 2006, with a reputation for being able to cut costs (something he delivered on). However, some feel the bank overreached in recent years in auto loans and other areas.
Separately, Wellesley College grad Nora Dannehy has been named to take over the investigation into whether ex-Bush Administration AG Alberto Gonzales and others should be indicted regarding the firings of 9 U.S. attorneys.