Release Date: Thursday, September 19, 2002

SYNOVUS CEO SAYS CROOKED EXECUTIVES TREATED COMPANIES LIKE 'PRIVATE LITTLE PLAYPENS'

ATLANTA — Synovus Financial Corp. chairman and CEO James Blanchard called the recent revelations of malfeasance by corporate CEOs and executives "a tragedy beyond description," with the actions of an unscrupulous few casting a shadow over the business world as a whole.

"I have a notion that there's a line in the sand," said Blanchard. "On this side of the line are CEOs and executives that believe they own the company. That it's their own private little playpen and the board works for them. And on this side of the line are the CEOs and senior executives who recognize that they serve at the pleasure of a board who are elected representatives of the shareholders. That's the line, and it's that simple."

Blanchard made his remarks while speaking September 19 to a group of Terry College of Business alumni and guests at the University of Georgia's Atlanta Alumni Center.

Blanchard advocated "servant leadership," in which companies, their executives and employees adopt policies and practices commensurate with being "respecters of people." Companies that are successful in the marketplace over the long run enjoy that longevity by treating employees and customers well, he said, a philosophy he described as assuming "the heart of a servant."

Addressing college students in the audience, Blanchard advised them to thoroughly research the background and reputations of prospective employers before going to work for them to make sure the company measures up ethically.

"There are too many companies that believe in treating folks right to go to work for one that does not," Blanchard said.

During Blanchard's 31-year tenure as Synovus' chief executive, the company grew from a Columbus, Ga., community bank into a multibillion-dollar financial services company providing a diverse set of products and services to people around the world. In 1983, he also played an instrumental role in establishing TSYS, which now provides payment processing for hundreds of millions of consumers worldwide and is more than 80 percent owned by Synovus.

A graduate of UGA's business school and law school, Blanchard was the featured speaker at the Terry Third Thursday executive speaker series, which is held on the third Thursday of each month at the Atlanta Financial Center in Buckhead. The program is co-sponsored by UGA's Terry College of Business and the Atlanta Business Chronicle.

###