Chemical, Hanover Pick 16 For Senior Executive Posts
Manufacturers Hanover Corp. appears to have gained a slight edge over Chemical Banking Corp. with the announcement Wednesday of 16 senior-level appointments for their merged company.
Although these appointments are a notch below the combined banks' 13-member management committee, they are being watched closely as early indicators of who will survive in the combined organization. The banks have said they plan to cut at least 6,200 jobs.
Hanover Gets 9 of 16 Jobs
Manufacturers Hanover officers got nine of the 16 appointments announced Wednesday, but far more important, they got control of two key business lines: technology services and credit cards.
The most prominent winners in the shuffle appear to be Richard J. Matteis, currently group executive of Hanover's technology services area, and Charles R. Walsh, who runs Hanover's credit card unit.
Mr. Matteis, 54, will be in charge of the merged bank's information and transaction-processing services. An eight-year veteran of Hanover, he runs the bank's profitable Geoserve operating services group, a $1.6 billion-asset amalgamation of businesses that includes cash management, corporate and institutional trust, funds transfer, trade services, and global securities services.
Mr. Matteis is an alumnus of Citibank and Booz, Allen & Hamilton Inc. He will report to Edward A. O'Neal, a Chemical vice chairman, who was previously appointed senior administrator of financial and technology services for the merged company.
Mr. Matteis' Chemical counterpart, Jonathan L. Rounds, was named "merger implementation manager," reporting to Mr. Matteis. Mr. Rounds, 39, is executive vice president in charge of Chemical's financial services group.
Sources said that Mr. Rounds in recent weeks has been feverishly putting together a business outline that identifies common and distinct products, complete with profitability breakdowns.
Mr. Walsh's appointment to oversee the credit card operations of the merged company was expected because of Hanover's greater heft. With $3.6 billion in credit card outstandings, Hanover is ranked ninth in the country, according to the Nilson Report, an industry newsletter, while Chemical is ranked 23d, with $2.02 billion. The new Chemical says it will rank sixth in the nation.
Mr. Walsh, 52, joined Hanover as an officer in 1974 and is a prominent figure among retail banking industry trade groups. Like Mr. Matteis, he will report to Mr. O'Neal.
Keeping Product Responsibility
Mr. Walsh's Chemical counterpart is Thomas Jacob, 53, who until now has headed Chemical's consumer finance, mortgage, and credit card businesses. Under the new regime, he will give up credit cards but retain responsibility for the other consumer products. He also will report to Mr. O'Neal.
Chemical's chief technology officer, Barbara D. Capsalis, will essentially maintain her role as chief coordinator of operations in the new organization. Ms. Capsalis, 48, who joined Chemical in 1972, will continue to report to Mr. O'Neal.
H. Edward Nyce, 59, who runs information technology services at Hanover, recently announced his retirement. He will remain at the bank until the merger is completed, helping combine data centers.
Sanford A. Ibrahim, 39, who a few months ago was named Chemical's chief administrative officer, will switch to chief of staff for Mr. O'Neal and also be chief credit officer for the financial and technology services group. He joined Chemical from Crocker National Bank in 1986.
On the finance side, Chemical announced previously that Hanover's chief financial officer, Peter J. Tobin, would assume that post in the new organization.
Reporting to him will be newly named heads of investor relations, auditing, finance, planning, and taxes.
John L. Borden, 42, has been tapped to run investor relations, a job he now holds at Hanover. Anne Adler Tarbell, his counterpart at Chemical, recently left for a job at ITT Corp.
The new bank's general auditor will be William J. Duane, who has held that post at Hanover for 20 years. He is 56.
Chemical's Zissimos A. Frangopoulous, 46, currently treasurer, will become finance director. The company said his responsibilities essentially will remain the same.
Martin J. Hoffman, 48, Hanover's tax counsel, will be the new entity's director of taxes.
James J. Latchford, 47, Chemical's controller, will maintain that post at the merged bank. His Hanover counterpart, Eugene M. McQuade, has been appointed director of management information systems at the new entity. Mr. McQuade, a 10-year Hanover veteran, is 42.
Chemical officers are taking two of the three top corporate staff posts announced Wednesday. William H. McDavid, 45, the bank company's general counsel, retains that post in the new company.
The banks made no announcement about Ernest Stein, Hanover's general counsel.
John B. Wynne, 61, continues as corporate secretary, a post he has held at Chemical since 1972. The new Chemical also appointed Martin H. Zuckerman, 49, as director of human resources, a post he has held at Hanover since 1985. The banks made no announcement about his counterpart at Chemical, Mark Schneiderman.