Chemical Announces Top Posts
Key Wholesale Jobs Split with Hanover Executives
Continuing to lay the ground-work for their marriage, Chemical Banking Corp. and Manufacturers Hanover Corp. on Tuesday named the executives who will oversee the merged bank's corporate businesses.
The key posts seemed to be split fairly evenly between the two banks' executives.
A big winner, as expected, was James P. Lee Jr., currently head of Chemical's distribution and structured finance. He will become head of syndications, private placements, and acquisition finance, involving relationships with leveraged buyout firms.
The responsibility for highly leveraged corporations will go to Hanover managing director Robert O'Brien, who is currently in charge of acquisition finance, media, and energy groups.
Mr. O'Brien will also oversee the reorganization and restructuring unit, as well as media, natural resources, and healthcare industry groups.
Maurice Hartigan 2d, who is currently head of client relationships at Chemical, will have primary responsibility for relationships with Fortune 500 companies, as well as financial institutions, the transportation industry, and regional offices.
The three executives will report to Mark G. Solow, Hanover's co-manager of global banking, who will oversee corporate banking and finance. Mr. Solow was appointed to the new Chemical's 13-member management committee when the merger was announced last month.
Also under Mr. Solow will be Roger Widmann, currently head of corporate finance at Chemical, who will become head of mergers and acquisitions, leasing, and middle-market venture capital.
Another member of the management committee, Donald H. Layton, who is currently head of trading and treasury activities at Hanover, will oversee worldwide capital markets and activities.
Under Mr. Layton, it was announced Tuesday, will be two Hanover executives and one Chemical appointee:
* Herbert F. Aspbury, currently in charge of European wholesale banking at Hanover, will retain responsibility for corporate banking in Europe at the new Chemical.
* Petros K. Sabatacakis, currently head of Chemical's capital markets and treasury group, will have direct responsibilities for treasury, risk management, and foreign exchange activities.
* John J. Simone, currently in charge of Hanover's corporate banking in Australia and Asia, will have the same responsibilities at the merged institution.
Other announcements are expected shortly. Sources say that William H. Turner, currently head of Chemical's regional bank, will oversee the new bank's middle market and private banking businesses. He will report to Edward D. Miller, vice chairman for regional banking and financial services. A Chemical spokeswoman declined comment.
As previously announced, Mr. Solow and Mr. Layton will report to William B. Harrison Jr., a vice chairman of Chemical Bank who will oversee all corporate banking activities for the new company.
PHOTO : Petros K. Sabatacakis Chemical Bank
PHOTO : Robert O'Brien Manufacturers Hanover Trust