As expected, William E.B. Siart has completed his rise to the top of First Interstate Bancorp, replacing the retiring Edward M. Carson as chairman.
In January, Mr. Siart, 48, succeeded Mr. Carson, 65, as chief executive. He will retain that title.
As part of the succession announced Monday, chief operating officer William S. Randall, 54, became president of Los Angeles-based First Interstate, assuming a title Mr. Siart had held since 1990. A spokeswoman for the $57 billion-asset institution said First Interstate will not name another chief operating officer.
The two executives plan to split management duties. Mr. Siart will focus on marketing and operational support, while Mr. Randall will handle finance, risk management, and investment management.
Rounding out the new management team, Bruce G. Willison, president and chief executive of First Interstate's lead California bank, was given the additional title of vice chairman of the holding company, as well as oversight of corporate services sold by all of the bank units.
Additionally, last week First Interstate gave a new set of responsibilities to executive vice president Daniel R. Eitingon. Previously, he ran retail banking in California. Now, he is heading a new technology banking group, which manages data processing, marketing, and electronic delivery of retail services.
Analysts said Mr. Siart and his new team have an entirely different set of challenges than those faced by the Carson regime.
When Mr. Carson took over, First Interstate was struggling with operating costs that ranked among the highest as a percentage of revenues among big banks, as well as a sizable book of problem loans.
Mr. Carson cleaned up the loans and cut costs, leaving First Interstate one of the best-regarded institutions in the industry.
"I think by any measure Ed Carson did a fabulous job in his leadership of First Interstate," said Mark C. Alpert, a bank analyst with Alex. Brown & Sons.
Now, he added, First Interstate's top priority is building revenue. But that could be tough, since senior management says it is eschewing acquisitions this year because banks are too expensive.
Instead, First Interstate is buying its own stock. The company's board of directors authorized a repurchase of up to 7.6 million shares of common stock on Monday, about a tenth of that in circulation. Last year, First Interstate repurchased 8 million shares.
