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Biz Links: Wilmers and Brady, two business titans

From Business Today:


Robert G. Wilmers, chairman and CEO of M&T Bank Corp., has been named Banker of the Year by the editors of American Banker. The New York City-based top financial services trade paper said he represents the "best in banking," citing M&T's consistent high performance and steady expansion.


Moog Inc. has a new chief executive officer. John R. Scannell, the company's COO, had been groomed for the job and stepped in to replace longtime CEO Robert T. Brady officially Thursday. The changing of the guard won't bring a "major shift in strategy or focus" to the company, the new CEO said. Scannell is an Ireland native and was named COO of the Elma-based motion-control equipment maker last year.


Moody's Investors Service has downgraded Seneca Gaming Corp.'s debt rating. Moody's said Seneca Gaming's overall operations are financially solid. But what lead to the downgrade was the Seneca Nation of Indians' decision to seek arbitration in settling a dispute it has with Albany that has halted $333 million in casino revenue payments to the state and several Western New York communities. The downgrade took Seneca from B2 to B1, which is five notches below investment grade.


 When M&T Bank Corp. acquired Delaware's Wilmington Trust Corp. last year, it appeared it acquired one of American Airlines' biggest unsecured creditors, according to papers filed in AMR Corp.'s chapter 11 bankruptcy. But M&T executives clarified that they and Wilmington Trust are trustees rather than creditors, and are therefore safe from any negative consequences in the AMR bankruptcy.

 Who is getting hired, promoted and honored?

Is that snow out there?



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