Norwest Corp. of Minneapolis is searching outside its own ranks for two high-level executives.
A couple of months ago, it allowed executive recruiters to bid on national searches for two executive vice presidents. It is unclear what the direct responsibilities of the executives would be because of a number of shifts of responsibility in top management during the year.
One post, however, would include running Norwest's Minnesota region, a job formerly held by Scott A. Kisting. He left his executive vice presidency in September to become chief operating officer at Citizens Financial Group, Providence, R.I.
Mr. Kisting's duties were parceled out to others, a spokeswoman said. He was also responsible for operations in Nevada and for the Norwest Direct telephone mortgage program.
Norwest is also losing executive vice president and chief credit officer William H. Queenan, 58, to retirement, effective Wednesday. His duties will be assumed by another executive vice president, Kenneth R. Murray, who will continue to oversee Norwest's southwest banking region.
The company just a few months ago touted its "deep bench of talented executives," suggesting it had no imminent need to look outside for key managers.
Since Norwest would still have 10 executive vice presidents at the beginning of 1998, analyst Ben Crabtree of Dain Bosworth Inc. said it "would be kind of an embarrassment" if the company could not promote from within its ranks.
But Mr. Kisting said Norwest chairman and chief executive officer Richard M. Kovacevich sees merit both in promoting from within and in hiring outsiders. "He believes in moving people up from within, but he also appreciates the views someone from outside brings," Mr. Kisting said.
Norwest declined to comment on the current searches. "That's pretty much internal, and we don't comment," said spokeswoman Teresa Morrow.
One source said the company hopes to draw candidates from the large talent pool at Citicorp, which produced Mr. Kovacevich. Even without that connection, Citicorp people are heavily recruited because of their wide- ranging talents and reputation for aggressiveness.
"Citicorp is a target for a lot of people," said another observer, an executive recruiter not involved in the Norwest search. This source suggested that Mr. Kovacevich, 53, may hope to find a potential successor among the younger generation at Citicorp.
Other observers said Norwest may simply be trying to diversify its talent pool and add to its management depth.
If there is a need for more managers, it began this year when Leslie S. Biller was promoted from executive vice president to president and chief operating officer, putting him squarely in place as No. 2 to Mr. Kovacevich.
Mr. Biller's elevation prompted Mr. Kisting to look elsewhere, as he was unlikely to move higher. Mr. Biller and Mr. Kisting are both 50 years old.
When Mr. Kisting left, Norwest officials said it was premature to speculate about who would succeed him, but it was Mr. Biller who boasted of the "deep bench." Mr. Biller, through a spokesman, declined to comment on the possibility of hiring from outside.
