Chase Exec to Retire After Melding Card Units

Charles R. Walsh, the credit card industry veteran who oversaw the merger of Chase Manhattan Corp. and Chemical Banking Corp.'s card businesses, has announced he will retire next Feb. 1.

Mr. Walsh, 57, an executive vice president, will be succeeded by Michael Urkowitz, the Chase executive vice president in charge of consumer credit merger activities.

Chase senior vice chairman Edward D. Miller announced the changes Monday in a letter to employees of the $322 billion-asset banking company.

Mr. Walsh, who came out of the Chemical side of the merger - and from Manufacturers Hanover Corp. before that - will be 58 when he retires. He said it was an appropriate time to step down because "we now have a strategic effort under way."

He will see through the back-office consolidation of the two credit card operations with First Data Resources, scheduled to be completed in October.

Mr. Walsh also plans to focus on growth opportunities abroad - Chase has card operations in Hong Kong, Panama, and the Virgin Islands - while working closely with other executives in international retail areas.

Mr. Urkowitz, 53, has worked at Chase for 22 years, primarily in corporate and wholesale services. Among his career highlights was the formation of Infoserv, a wholesale operations unit that grew to $200 million in after-tax profits from $25 million at its formation.

Mr. Urkowitz will continue to report to Donald L. Boudreau, Chase's vice chairman for consumer banking.