NEW YORK - Peter Hancock, who abruptly resigned Friday as chief financial officer of J.P. Morgan & Co., was at pains to explain Monday that his departure was not motivated by differences with the company's strategic direction or by the prospect of a takeover.

Mr. Hancock, 42, said he was leaving Morgan after 20 years to pursue entrepreneurial projects. He had been finance chief just over a year. Thomas Ketchum, chief administrative officer, will assume the role of CFO.

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