Taco Bell Chief Hired to Run Banc One Retail Operations

Banc One Corp. said Tuesday it has hired the president and chief operating officer of Taco Bell Corp. to run its national retail operations.

Kenneth T. Stevens, 44, will be chairman and chief executive of the Columbus, Ohio-based company's retail group beginning May 1.

In an interview Tuesday, Banc One chief executive John McCoy said he believes competition in the banking industry has become as fierce as that in the fast-food business.

Mr. Stevens' job is a newly created position. Banc One had for years left retail decisions to local bank presidents, Mr. McCoy said.

"We're in the merchandising, retailing, selling business," Mr. McCoy said. "I'd be the last to say banks do it the best."

Mr. Stevens has no experience in financial services. He has been with Taco Bell, a division of Pepsico Inc., since 1991. Prior to that, he spent eight years at McKinsey & Co., where he was partner in charge of the West Coast consumer practice. He earlier headed a brand management team for General Mills Inc.