For many banking industry observers, Bank of Boston Corp.'s recent reorganization was a bloodbath. Three of the company's executive vice presidents - Kevin Mulvaney, head of corporate banking; Michael Simmons, head of technology; and Newton Merrill, head of global banking - were sent packing, causing rumors about personality clashes with chairman Ira Stepanian.

But Charles K. Gifford, president of the $40 billion-asset institution, says the bank's watchers have gotten it all wrong.

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