Scott P. Marks Jr., a First Chicago NBD Corp. vice chairman, said Friday he will resign Dec. 31 to pursue a chief executive officer position at another company.
Mr. Marks has been an integral part of First Chicago since 1983 and headed its large credit card operation from 1986 to 1996.
Last year, his direct responsibility for credit cards was given to executive vice president W.G. Jurgensen. But Mr. Marks still oversaw the credit card operations, in addition to insurance and operations.
"I'll be 52 in a few months and my goal is to lead another organization," said Mr. Marks. He said his departure doesn't reflect ill will between himself and First Chicago.
"Several months ago, Scott advised me of his decision to pursue interests outside of the organization where he might become a CEO," said First Chicago chairman Verne G. Istock. "I asked him to reconsider, but he believes this is the right time in his career to consider other opportunities."
Mr. Marks said his job search would probably focus on financial services, but he would like to run a "consumer business that relies on technology for the delivery of products." Mr. Marks, say people who know him, has been heavily recruited by credit card and financial services companies for years.
His duties will be parceled out to other executives and there will be no other vice chairman named.
Separately, First Chicago said its board authorized the purchase of up to 12 million shares of common stock. The program would begin upon completion - expected by yearend - of the current 40 million share buyback program, which was announced in October 1996. On Sept. 30, First Chicago had 292 common shares outstanding.