B of A Promotes McLin to Executive Vice President
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Stephen T. McLin, an engineer who likes to boast that he rose through the ranks of BankAmerica Corp. without ever having made a loan, was named an executive vice president of the troubled banking concern and its Bank of America subsidiary.
As senior vice president and head of corporate planning since 1981, McLin (pronounced MACK-lin) was instrumental in such acquisitions by BankAmerica as its purchase of discount broker Charles Schwab & Co. and its takeover of Seafirst Corp.
In recent months, the 39-year-old McLin was also given overall responsibility for BankAmerica’s three venture-capital subsidiaries.
Last year, he was the corporation’s third highest paid officer, receiving total cash compensation of $285,330, according to the company’s proxy statement. He has two engineering degrees and a master’s in finance.
In announcing the appointment, President and Chief Executive Samuel H. Armacost said McLin’s role in restructuring B of A “has been invaluable and will become even more critical as we tackle the challenges of the future.”
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