Harris Bankcorp's board of directors has given chief executive Alan G. McNally the additional title of chairman, effective April 19.
Mr. McNally, 49, succeeds B. Kenneth West, 61, who is retiring after 38 years with the bank.
The announcement, made Thursday, had been expected.
Donald S. Hunt, president and chief operating officer, will retire at midyear, the bank said. Mr. Hunt is 56 years old and will not be replaced.
Instead, the Chicago-based bank named Edward W. Lyman, 52, and Maribeth S. Rahe, 46, vice chairmen of the board, "responsible for the strategic and tactical direction of the bank" along with Mr. McNally.
Mr. Lyman oversees banking, trust, and investment services to corporations and institutions, while Ms. Rahe is responsible for individuals and small businesses.
Harris Bank, a $16.8 billion-asset unit of Toronto-based Bank of Montreal Corp., had been led by Mr. McNally since September 1993. Mr. McNally was sent in by the parent company to turn the bank into a beachhead for the Canadian company's U.S. expansion.
Since then, Mr. McNally has acquired Suburban Bancorp, adding 30 locations to the bank's 46-office network.
"We were embarking on a strategy to create a truly North American bank which earns 50% of its income from the United States," Mr. McNally said in a telephone interview. The bank earns 30% to 35% of its profits in the U.S. today.
Mr. McNally still has quite a bit of work cut out for him. Earnings for the full year at Harris were $97.3 million, down from $117.6 million a year earlier.
Results were hurt by a second quarter $33.4 million after-tax charge in its securities lending unit and a 1993 mandatory income tax accounting charge, the bank said.
Not including the securities charge, the bank's ratio of operating expenses to operating income improved from 72.3% in December 1993 to 68.2% at year end.
