25 Oct M&I shareholders vote to split off Metavante Corp.
Milwaukee, Wis. – Shares of Metavante Corp. stock will begin trading publicly in November following the decision by Marshall & Ilsley Corp. shareholders to split M&I and Metavante into independent public companies.
M&I expects to complete the transaction on Nov. 1, 2007.
Shares of each company’s common stock have been authorized for listing on the New York Stock Exchange. Beginning on Nov. 2, 2007, new M&I shares will be traded under the same symbol as old Marshall & Ilsley Corp., “MI,” and Metavante Technologies (the name of the new holding company) will be traded under the symbol “MV.”
Metavante, based in Brown Deer, is the banking and payment technologies subsidiary of M&I, a Milwaukee-based financial services corporation. Metavante employs 5,500 people and reported $1.5 billion in revenue last year.
In related news, Metavante has announced the election of 10 people to its board of directors, including: Board chairman Dennis J. Kuester, who also is chairman of M&I; Frank R. Martire, president and CEO of Metavante; Michael D. Hayford, senior executive vice president and COO of Metavante; Dale Crandall, former president and COO of Kaiser Foundation Health Plan; Stephan James, former COO of Accenture; and Diane Neal, executive vice president and CFO of Reynolds American, Inc. Also named were Ted Kellner, David Coulter, James Neary, and Adarsh Sarma.
• Metavante appoints two executive technologists
• Metavante Corp. will continue M&A activity
• Metavante forms cash-management division