Sovereign Bancorp to Name New CEO: Report - TheStreet

Sovereign Bancorp

(SOV)

plans to name a new CEO as early as Tuesday, the

Wall Street Journal

reports, citing people familiar with the matter.

The bank's board is scheduled to vote Tuesday morning to name Paul Perrault as chief executive, starting next year. From 1990 to 2007, Perrault served as CEO of

Chittenden

, a New England regional bank that was acquired last year.

The move would be the latest effort by Sovereign to stem a decline in the company's share price, the

Journal

reports. The Pennsylvania bank saw its stock fall $6.04, or 72%, to $2.33 on Monday. There are fears in the market that smaller banks won't be able to survive intact without support from the U.S. government.

Regional bank Sovereign is partially owned by

Banco Santander

(STD)

of Spain.

This article was written by a staff member of TheStreet.com.