MBNA Taps Former FBI Head as Exec

MBNA Corp., the leading U.S. credit card issuer, reported a jump in quarterly profit and said it appointed Louis J. Freeh, former head of the Federal Bureau of Investigation, as a senior executive.

The company’s second-quarter profit grew 33% to $380 million, or 43 cents a share, a penny better than analyst forecasts, as customers took advantage of lower interest rates.

MBNA, based in Wilmington, Del., said it named Freeh senior vice chairman overseeing the firm’s legal, security and personnel matters. Freeh, who retired as director of the FBI last month, joins three other former top FBI officials at MBNA.

Shares of closed up $1.09 at $33.91 on the NYSE.