I
I
November 13, 198
Page B5
Kennedy ei
forgoes bei
| !
By JOHN HINTON
Chronicle Staff Writer
During his senior year in college,
Michael D. Kennedy broke
family tradition when he decided
to enter the banking field instead
of becoming a lawyer.
i .
"1 did catch a little grief from
L ?
my lamny," Kennedy said.
"When I was growing up, I
assumed that I was going to be an
attorney. The hardest thing that I
"The hardest thing that I h
that I wasn 7 going to law i
had to do was to tell my family
that I wasn't going to law
school."
Kennedy seems to have made
the right decision.
He was elected assistant vice
president in October 1986 at First
Wachovia Corp. of WinstonSalem
after working with the
company for about a year .
?'^Everyone in my family is a
_ lawyer," Kennedy said. His
parents and two brothers own a
Church witf
STONY POINT, N.Y. - The
Executive council or the
}.7-million member United
Church of Christ has voted to
withdraw all bank accounts of
the church from Citibank, N.A.,
effective June 30, 1987.
The action by the denomination's
highest deliberative body
Between biennial general synods
il in compliance with the church's
oall for divestment from companies
doing business in South
Africa.
I The vote by the church, which
(as about a $23 million annual
fash flow, ends a 30-year history
Of doing business with Citibank.
According to Charles Lockyear,
director of finance and treasurer
for the United Church, that
history has been one of cooperation
from the bank in such
iignificant actions as loans to the
denomination?to support the
work of six black colleges and the
mot* rnntrov#rein1 Knil hnnH
|f*VIV V V V* W??M V?M1 WVI??I
fund of $350,000 used to help the
Wilmington Ten, arrested in
fcorth Carolina in 1972 as a result
pf their civil rights work.
I One of the Ten, Benjamin
iExchange t
Compiled by JOHN HINTON
Chronicle Staff Writer
C The Triad Business Exchange,
a black professional group, will
meet Thursday, Nov. 13, at the
^lirvana Club in Greensboro at
p:30 p.m.
I Brenda M. Hunter, co-owner
of Arrival Inc., will present a
Workshop on career advancement.
She will introduce
|trategies for self-development
*nd career srowth. ...
F Sucks
for schools
j Four predominantly black
Schools received $200,000 from
She U.S. Equal Employment Opportunity
Commission and
peneral Motors Corp. as part of
> five-year agreement.
^ The schools which will receive
the money are Savannah State
College it Savannah, Ga., FisV
A
6
njoys bankin
ing family's f
prominent law firm in WinstonSalem.
Harold L. Kennedy, his wife,
Annie Brown Kennedy, and their
sons, Harold L. Kennedy III and
Harvey L. Kennedy III, are attorneys.
Mrs. Kennedy represents
the 66th-House District in the
N.C. General Assembly.
"At first, they were
surprised," Michael Kennedy
said. "In retrospect, they think I
made a good decision."
ad to do was to tell my family
school.99
~ Michael D. Kennedy
Kennedy said he decided to go
into banking after he completed a
summer internship at a New York
bank. "I liked what I was doing,
so I decided to make a career of
it."
Kennedy graduated summa
cum laude from the University of
North Carolina at Chapel Hill in
1979 with a major in history and
?political science.
After graduation, he worked
i for three years for Morgan
(draws Citibar
Chavis, is now chief executive officer
of the United Church's
Commission for Racial Justice
and co-chairman of the
denomination's South Africa
Divestment Implementation
Committee.
According to William Kiesel of
Indianapolis, chairman of the
Executive Cbuncil's Finance and
Budget Committee, the church
expressed its regret at the continuing
involvement of Citibank in
South Africa, which made it
necessary for the church to take
this action. The vote also
acknowledged with gratitude the
many years of service Citibank
has rendered the United Church
of Christ.
In another action on divestment,
the church body requested
the trustees of its pension boards
not to set up an alternative South
Africa-free investment fund, but
?to?mov with?all?due speed
toward further divestment of its
current portfolio.
Representatives of both the
pension boards and the church's
Divestment Implementation
Committee favored the decision,
0 meet in Gre
: C,
1
Brenda M. Hunter
I
f University in Nashville, Tenn.,
Wilbcrforce University in Wilberforce,
Ohio, and Xavier University
in New Orleans.
OM is funding 32 universities i
ENTEI
g career,
5th lawyer
a
Guaranty Trust Co. in New York
rw.. U~ -?-11?I
vhj utiuic tic ciuuucu in narvard
University School of
Business.
"It was a good experience,''
said Kennedy, whose first-year
class had 780 students from all
over the world. "It was a good
place to go to school."
Kennedy said he received a
Cogme Fellowship that covered
the first-year expenses at Harvard.
"It was definitely a struggle at
Harvard," Kennedy said. "It was
a competitive environment. You
are expected to be prepared for
every class."
Kennedy, who is black, received
a master's degree in business
administration from Harvard in
1985. He joined Wachovia in
Winston-Salem as a national
banking representative.
Kennedy currently works as a
loan administration officer in the
National Banking Division of
First Wachovia Corporate Services,
a subsidiary of First
Wachovia Corp.
"The job has been
challenging," Kennedy said.
ik accounts
intended to implement a call by
the General Synod for divestment
while taking care to protect the
interests of pension fund
members.
Pension boards trustees have
already divested their portfolios
of a large percentage of holdings
in companies which continue to
do business in South Africa.
When the General Synod
resolution was passed in 1983, 41
percent of the portfolio was made
up of such stocks. It is now down
to 27.8 percent and, with the recent
withdrawal of General
Motors, International Business
Machines and Honeywell, the
percentage will shortly be down
to the low 2fk arrnrHino tr\
George Ellis, the trustees* chairman.
Both the pension boards
trustees and the Implementation
Committee say they expect further
review of the portfolios and"
further divestment. "But," say
Chavis and Audrey Smock, the
Implementation Committee's
other co-chairman, "we have
agreed that there will be no furPlease
see page B6
ensboro
after it settled a job discrimination
complaint with the EEOC.
"The money would be used to
raise more scholarships for
students," said Dr. William
Rayburn of Savannah State. ...
Good company
Adolph Coors Co. was selected
as one of the five outstanding
emnlnvers nf th#? v#?ar Kv?
v ? ?" J "'V
Private Industry Council in Colorado.
The company received the
award for its Employment Opportunity
Training Program,
known as the "Golden Door."
The program provides jobs for
ex-convicts and handicapped
people.
The program provides training
for its participants to assume a
productive role in society. ...
} \ Please see page B6
EPRISE
^ < 1" I*
mmf.. '":h. ^S ii-?>
Br ^
H& v A
Vl .
Michael D. Kennedy says he surf
law (photo by James Parker).
"There is some pressure in this
position.* *
Kennedy works with 13 other
loan officers at Wachovia to provide
loans to companies
throughout the United States.
His work often requires him to
' travel to New York City. "That is
kind of fun," he said. "We like
to beat the New York banks at
their own game."
Kennedy received a transfer to
work in Atlanta at First Atlanta
Bank, which merged with
Wachovia last year. He will begin .
his new job injate November. "1
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)rised his family when he decide
am looking forward to that," he
said.
Kennedy will visit companies in
Minneapolis and St. Paul, Minn.,
to do business with Wachovia.
4 They say it is colder up there
than it is in Boston, but 1 think 1
will be ready for it,** he said.
Kennedy says there are many
opportunities for blacks in the
banking industry. "A lot of people
think that banks just have a
lot tellers, but there are more op-~
portunities than that," Kennedy
said.
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, state
I business news. '
jH ?-: +?#_ :^gQ^jjjjjgz$g^gN^ .
>d to go into banking instead of
c t
His race has never been a factor
in his career at Wachovia,
Kennedy said. 4The people here
have been very supportive," he
said. 14As a black manager, I
have some impact on management
here."
Wachovia has a good affirmative
action plan, Kennedy
said.
"1 would like to see some improvement,"
he said. "But we
have two black senior vice
presidents, and that shows a commitment
from management to
promoting minorities."
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