Boston-based BayBanks Inc. on Friday said it would create an office of the chairman, forcing speculation that the oft-rumored takeover candidate intends to remain independent.
William M. Crozier, chairman and chief executive officer of the $10.5 billion-asset bank, said the new management structure would include three top executives and himself to run the company.
Observers often cite the New England bank as a takeover target by rivals such as Shawmut National Corp. That Mr. Crozier, 61, is close to retirement only fuels such speculation. Analysts say creating an office of the chairman sends a different message.
Baybanks is "showing everyone that they are managing for the 21st century by creating this chairman's office," said Gerard Cassidy, an analyst at Hancock Institutional Equity Services. He sees the move as preparing for succession.
The office of the chairman includes vice chairmen Donald Isaacs and Richard Pollard and Giles Mosher Jr. president of BayBank, the company's lead bank.
Mr. Crozier denied his intentions were that dramatic, saying he only wanted to open the management structure by having more business heads report directly to senior executives.
In a related move, the company said it would create a new financial services division to include BayBanks' corporate banking and and investment services.
The division will be marketed separately from the company's highly regarded retail bank.
