President and CEO
Oxen Hill Partners

Marian Heard has served as a director of CVS Corporation ("CVS") since 1999. CVS is a publicly-held corporation listed on the New York Stock Exchange, and is the largest retail pharmacy in the United States with approximately 5,370 store locations. She has served on the Audit, Nominating, and Corporate Governance Committees of CVS since 2000, and recently joined the Management Planning Committee.

She has also served as a director of Liberty Mutual Holding Company, Inc. ("Liberty Mutual Group") since 1994, a holding company for the family of Liberty Mutual Group insurance companies. Liberty Mutual Group is a leading global insurer, and the sixth largest property and casualty insurer in the United States. In 2003, Liberty Mutual Group ranked 116th on the Fortune 500 list of largest companies in the U.S.

Heard has served as a director of Blue Cross and Blue Shield of Massachusetts since 1992. She has served as a director of the New England Aquarium since 1993, and was appointed a Trustee of the Dana Farber Cancer Institute in 1994.

Heard served as a director of Fleet Bank of Massachusetts from 1992 to 1998, and subsequently Fleet Financial Corporation ("Fleet") from 1998 until it was acquired by Bank of America in 2004. Fleet was the seventh-largest banking institution in the U.S. and listed on the NYSE when it announced its merger with Bank of America.

Heard was appointed the President and Chief Executive Officer of the United Way of Massachusetts Bay, and the Chief Executive Officer of the United Way of New England in February 1992. Heard retired from the United Way in July 2004. During the last two years of her tenure, the United Way of New England was number one among United Way agencies in the U.S. in leadership giving.

Heard was elected to Sovereign Bank's Board in 2004 and Sovereign Bancorp's Board in April 2005.