EDISON, N.J — J.P. Morgan Chase & Co. announced late Thursday that Stephen J. Rotella, has been elected president and chief executive of Chase Manhattan Mortgage Corp., the mortgage subsidiary of Chase Manhattan Bank.

Mr. Rotella, 48, replaces Thomas Jacob, who will continue in his current role chairman of the mortgage unit’s board. Prior to Thursday’s appointment, Mr. Rotella, who will report to David A. Coulter, vice chairman, J. P. Morgan Chase & Co. and head of retail and middle-market financial services, was chief operating officer of Chase Manhattan Mortgage. He joined Chase in 1987.

“I am pleased to announce Steve Rotella’s appointment as president and CEO of our home finance business, and am confident that he will provide strong leadership and direction,” said Mr. Coulter in a statement. “I am also pleased that Tom Jacob will continue in his current role as chairman. … Under Tom’s leadership, the mortgage company has emerged as a top originator and servicer of mortgage loans.”

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