In a move expected by banking analysts, the board of First Interstate Bancorp, Los Angeles, voted Thursday to make William B. Sian chief executive, replacing Edward M. Carson, on Jan. 1, 1995.
Mr. Carson, 65, will retain his role as chairman of the $54.2 billion-asset bank until May 1 of next year, when he plans to retire.
In the same action by the bank's board, William S. Randall, head of the company's southwest region, was named executive vice president and chief operating officer, also effective Jan. 1.
There had been speculation outside the bank that Mr. Randall, 54, was in competition with Mr. Siart for the top spot. Mr. Randall has been with the company for 25 years, to Mr. Sian's 16-year tenure. Mr. Siart, at 47, is also the younger of the two. But banking analysts said they were only surprised by the timing of First Interstate's announcement, not by its content. "The most likely outcome was just what did occur," said Ronald Mandle of Sanford C. Berstein in New York. "I don't think anybody is surprised that this was the way it happened,"
Merrill Lynch's Sandra Flannigan agreed. She said the move allows the bank to stop thinking about succession and refocus on its restructuring program,
First Interstate first announced the restructuring plan last month. The goal is to reduce overhead costs below 58% of revenue by next year.
Earlier this week, the bank reported third-quarter net income of $130 million, down from $150.5 million for the same period of 1993. The results included a previously announced pretax restructuring charge of $139 million.
