Garry J. Scheuring, the former chief executive officer of Midlantic Corp. who orchestrated the New Jersey company's sale to PNC Bank Corp. in December 1995, said he'll resign at the end of next month.
Mr. Scheuring is the most recent member of Midlantic's senior management team to quit PNC. Former Midlantic chief credit officer Alfred Schiavetti resigned from his job as executive vice president of commercial finance in December. Mr. Schiavetti, 56, said he was retiring.
Mr. Scheuring was not available to comment, but the bank said he had no immediate professional plan. He will remain as one of PNC's 22 directors.
However, he will not leave PNC empty-handed. A severance agreement in the October 1995 proxy statement said Mr. Scheuring would be paid an amount equal to his base annual salary of $650,000, plus $1.9 million in cash.
Mr. Scheuring also owns a big chunk of PNC stock. He had held more than 843,000 shares, the second-largest block of stock owned by an individual, according to a proxy statement filed in March. But in July, he disclosed plans to sell 475,000 shares to "settle tax obligations." PNC chairman and chief executive Thomas H. O'Brien held about 900,000 shares in March 1995, according to the most recent information available. PNC stock closed Monday's trading up 12.5 cents to $38.25.
The 57-year-old Mr. Scheuring was named vice chairman of Pittsburgh- based PNC in late 1995. His job was to oversee the northern New Jersey market and supervise the merger integration. A PNC spokesman said that integration was now complete.
Mr. Scheuring and former chief financial officer Howard I. Atkins were the only Midlantic officers to be named to PNC's 26-member executive management team after the merger. Mr. Atkins, who became PNC's executive vice president of asset and liability management, left the company in the middle of last year to take a job with an insurance company.
Mr. Scheuring's decision to leave wasn't surprising, said James M. Schutz, an analyst at ABN Amro Chicago Corp. "Over time, the people from a bank being bought are going to have trouble with the PNC people," he said. PNC culture is "ruthless and hard driven, and when people challenge the PNC people, they'll always lose."
Mr. Schutz said Mr. Scheuring's departure probably wasn't spurred by personal run-ins with PNC employees but rather by having to watch his former Midlantic colleagues leave or be eliminated.
