Sources said that possibility of dismissing Sidhu has been under consideration for at least a month. Citing people familiar with the matter, WSJ reported that before the annual meeting last month, company officials and board members discussed the possibility of elevating Campanelli to defuse frustration with Sidhu's leadership. AP reported that Sidhu resigned under pressure from unhappy investors for negotiating the sale of a one-fifth stake to Spain's Banco Santander Central Hispano SA without seeking shareholder approval. Sovereign's three-way deal with Independence Community Bank and Banco Santander was reported a year ago. Santander currently owns almost 25% of Sovereign's stock and has three board seats. Meanwhile, Sovereign said that Sidhu was stepping down "for family health-related reasons."
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