1st Chicago NBD Chief Executive Takes on Job of Chairman, Too

First Chicago NBD Corp., has named its chief executive, Verne G. Istock, to the additional post of chairman.

Mr. Istock, 55, succeeds Richard L. Thomas, 65, who has retired from the banking company formed in the December merger of First Chicago Corp. and NBD Bancorp.

Mr. Istock joined Detroit-based NBD Bancorp in 1963 and become vice chairman and a director in 1985. He was promoted to chairman and CEO in 1994.

Mr. Thomas, who started at First National Bank of Chicago in 1958, was elected president of First Chicago Corp. in 1974 and became chairman in 1992.

First Chicago NBD has also named senior vice president Paul M. McGonagle to become head of its southeast Asia market.

Mr. McGonagle's responsibilities will include completing the application process for an offshore branch banking license in Singapore and maybe establishing a branch there.

First Chicago NBD has already developed branches in Tokyo, Hong Kong and Seoul and representative offices in Beijing and Taipei.

Mr. McGonagle formerly ran the bank's country and industry risk management department.

Before joining First Chicago in 1984, Mr. McGonagle he was a foreign service officer with the Department of State and a director in the Office of Monetary Affairs.