CHICAGO -- William Bennett resigned as chief credit officer of First Chicago Corp. Friday - the first major management chance since Richard Thomas was named to succeed Barry Sullivan as chairman and chief executive.

Mr. Bennett, 45, had worked at First Chicago since 1968. The executive did not announce plans to join another banking company. He will be succeeded by John Ballantine, 45, a senior vice president who most recently had been in charge of First Chicago's New York offices.

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