A 28-year career banker with Firstar Corp. has resigned following a company restructuring that diluted the importance of his job.
James R. Lang, chairman and chief executive of Firstar Bank Iowa, said he will step down March 31.
"As Firstar goes to a functional reorganization, it will call on fewer of my skills," Mr. Lang said.
Last month Firstar announced a plan to cut $110 million in expenses by the second quarter of next year. As part of its plan, it will eliminate 2,500 jobs, or 26% of its work force. A related management restructuring reduced much of Mr. Lang's autonomy in Des Moines.
Saying he wanted to "pursue some personal interests before I retire," the 52-year-old Mr. Lang said he would look for jobs within and outside banking. He said he's interested in owning his own business, and will likely relocate near his hometown of Milwaukee.
Mr. Lang, who has spent his entire career with Firstar, said he has no hard feelings about the restructuring and believes the $19 billion-asset Milwaukee company is doing what it needs to do to stay competitive.
"Firstar is at a transition point that makes this a logical time for a leadership change," Mr. Lang said.
Replacing Mr. Lang will be Steven Caves, 42, who is president and chief executive of Firstar Bank in Cedar Rapids, Iowa. Mr. Lang also held the title of Des Moines bank president since May 1995. Daniel Meese, executive vice president and business banking manager for Firstar Bank in Des Moines, was named president of that bank.
Mr. Lang started his career with Firstar - then known as First Wisconsin Bank - in 1968, and served as head of the banking company's $3.1 billion- asset subsidiary in Iowa since Firstar entered the state through acquisition in 1991.
But his responsibilities were limited Feb. 1 when Firstar restructured its top management by lines of business, rather than by geographic markets. Firstar plans to merge its banks in Iowa, Illinois, Minnesota and Wisconsin into one based in Milwaukee, further diluting the jobs of market presidents.
Rather than making his own decisions, Mr. Lang began reporting to executives in Milwaukee and Minneapolis
"If you're head of the Iowa bank and you didn't get named head of retail banking, or another area, you're no longer part of senior management," said Michael Durante, an analyst with McDonald & Co. Securities Inc. in Cleveland.
"I enjoy the CEO functions," Mr. Lang said. "I enjoy building business."
Mr. Lang's expertise was in commercial lending. Richard Schoenke, chief executive of Firstar Bank Minnesota, was named head of commercial lending as part of the restructuring.
