Frank Newman, the highly regarded former deputy Treasury secretary, was named on Thursday to succeed Charles S. Sanford as chairman and chief executive of Bankers Trust New York Co.

The appointment, which came just one month after Mr. Newman joined Bankers Trust as its No. 3 executive, pushed out president Eugene Shanks, whom the company had tagged a "logical" successor to Mr. Sanford. Mr. Shanks resigned Tuesday.

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