Executive Changes

Dennis R. Sheehan will assume the position of CEO at BISYS Group; JCB USA hires Julie Krueger, former executive director of the Smart Card Alliance, as vice president smart cards; John W. Cummings, senior vice president and chief operating officer of Global Technology & Services at Merrill Lynch & Co., elected to The Depository Trust & Clearing Corporation's Board of Directors.

The BISYS Group announced that effective January 1, 2003, Dennis R. Sheehan, the company's current president and COO, will assume the position of CEO of the company. For the remainder of 2002, Lynn J. Mangum will continue in his current role as BISYS' chairman and CEO. Beginning January 1, 2003, and continuing for a minimum of 18 months, Mangum will be employed as chairman of the BISYS Board of Directors, and will be directly engaged in corporate acquisition activities, European marketplace business development initiatives, and assisting Sheehan with strategic planning and overall guidance of the business

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JCB USA, a subsidiary of Japan-based JCB, the fourth largest global payment brand, has hired Julie Krueger, former executive director of the Smart Card Alliance, as vice president smart cards, to spearhead an initiative to broaden smart card acceptance in the United States. In her new role, Krueger will be responsible for securing a North American infrastructure to accept J/Smart-based smart card transactions. JCB's first priority is establishing infrastructure partners throughout the America's. One of the steps already taken is the recently announced JCB certification of Hypercom's EMV kernel for ICE card payment terminals for use worldwide with JCB's J/Smart credit cards. JCB's expansion into the U.S. follows JCB's successful rollout of J/Smart EMV cards in Japan, Taiwan and the United Kingdom.

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John W. Cummings, senior vice president and chief operating officer of Global Technology & Services at Merrill Lynch & Co., Inc. and a member of the firm's Executive Management Committee, has been elected to The Depository Trust & Clearing Corporation's (DTCC) Board of Directors. The 21 DTCC board members are also directors for The Depository Trust Company, National Securities Clearing Corporation, Government Securities Clearing Corporation, MBS Clearing Corporation and Emerging Markets Clearing Corporation, all subsidiaries of DTCC. Cummings joined Merrill Lynch in 1981 and served previously as the organization's head of Global Services and U.S. Private Client Services.