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Capital One CIO James P. Donehey to Leave Company; Connelly and Olle to Lead Even Closer Business Alignment

FALLS CHURCH, Va., Jan. 27 /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) today announced that James P. Donehey, Senior Vice President for Information Technology (IT) and Chief Information Officer, has decided to leave the Company, effective February 29, 2000.

Mr. Donehey's departure comes after more than five years as the Company's CIO and as a member of the senior team that built one of the industry's leading financial organizations. Mr. Donehey has decided he wants to spend more time with his family, especially his 86 year old father, and recognizes that the demands of leading a 1,700 person IT organization do not afford him the time he wants.

"Jim Donehey has made many significant contributions to Capital One since our initial public offering (IPO) over five years ago. Our company reaps tremendous benefits from having an IT organization that is melded so well with our business and our operations areas," said Nigel Morris, President and Chief Operating Officer. "For personal reasons, Jim felt it was time for a change and is working to ensure a smooth transition. We will miss Jim, but we support his desire to spend more time with his family and wish him all the best."

"I have truly enjoyed working at Capital One," commented Mr. Donehey. "It's been a tremendously rewarding experience to have helped build one of the nation's most successful companies. Capital One is a very special company, and I enjoyed a very special experience there."

The Company announced that Marjorie M. Connelly, Senior Vice President of Credit Card Operations and Laura Olle, Vice President and Senior Business Information Officer, will jointly lead the IT organization. Each will take responsibility for one of two broad areas in IT: an infrastructure group and a development group. The infrastructure group will be placed under the direction of Ms. Connelly, and the development group will be placed under the direction of Ms. Olle.

Ms. Olle, who joined Capital One last year and who will now report directly to Mr. Morris, has more than 20 years experience in IT and management consulting. Prior to joining Capital One, she was Senior Vice President for Information Systems and Services at Freddie Mac. Ms. Connelly has been a member of Capital One's senior management team since she joined the Company in 1994.

"We are very excited about the leadership and depth of experience that Marge and Laura bring to their new roles," said Mr. Morris. "Marge has been an important part of Capital One's growth since before our IPO and helped build many of our award-winning IT solutions. And we're delighted to have Laura on board to step into this important role."

Headquartered in Falls Church, Virginia, Capital One Financial Corporation (www.CapitalOne.com) is a holding company whose principal subsidiaries, Capital One Bank and Capital One, F.S.B., offer consumer lending and deposit products. Capital One's subsidiaries collectively had 23.7 million customers and $20.2 billion in managed loans outstanding as of December 31, 1999, and are among the largest providers of MasterCard and Visa credit cards in the world. Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 500 Index.

SOURCE Capital One Financial Corporation

CONTACT: Sam Wang, Media Relations, 703-289-6809; or Paul Paquin, Investor Relations, 703-205-1039; both of Capital One Financial Corporation/