In their latest round of senior-level appointments, Chemical Banking Corp. and manufacturers Hanover Corp. appear to have sidestepped several key personnel dicisions.
Instead of choosing between two strong candidates, the banks have divided responsibilities in some areas between Hanover and Chemical officials.
On Wednesday, the banks announced the names of 23 executives who will head various businesses and functions within corporate and institutional banking. Of the 23 appointments, 11 are working at Chemical, and 12 at Hanover.
For the most part, the selections contained few surprises. But in some cases, the banks apparently were unable to make tough decisions about leadership after the banks merge.
Two executives - one from each bank - will be responsible for underwriting syndicated bank loans at the merged bank. And an official from each bank will share responsibility for the merged bank's private placements department.
The executives will report to James Lee of Chemical, who will also oversee acquisition finance.
Sharing the Duties
The officials named to run syndications are Peter Gleysteen, a managing director at Chemical, and Mary Ellen O'Connor, a managing director at Hanover.
Private placements will be run by Salvatore Bommarito, a Hanover managing director, and John O'Connor, a managing director at Chemical.
Through the word "cohead" was not part of their official job descriptions, insiders acknowledged that to be the case with the four executives in syndications and private placements.
Down the Road
Conceding that coheads seldom work out, one well-placed insider said it remains to be seen what will happen down the road with these executives.
Mr. Lee's other direct reports will be Dominick Baione, head of acquisition finance, and R. Gregory Nelson, who will manage the merged bank's relationships with investors in bank loans and private placements.
In another somewhat curious aspect of the merged bank's organizational structure, two executives have been put in charge of separate "units" that will be responsible for corporate banking clients in North America.
It hasn't been decided, however, how the merged banks' North American clients will be divided between James Ferguson, a Hanover managing director, and Suzanne Hammet, a managing director at Chemical. Both will report to Robert O'Brien, an exeutive at Hanover.
Though the merged bank's roster of North American corporate banking clients will be sizable, there was no compelling reason to split the area up between two executives, an insider said.
Others named to positions under Mr. O'Brien were: Magna Dodge, head of the media lending group; Darla Moore, in charge of restructuring and reorganization; and Edward Nelson, head of the natural resources lending group.
Senior positions were also announced Wednesday in areas to be led by Maurice Hartigan and Roger Widmann. Executives were also appointed in the merged bank's developing markets area, which will be headed by Donald McCouch.