Jack Cussen, the brokerage and insurance chief at Summit Bancorp of Princeton, N.J., will retire at the end of January, after 42 years in banking.

He will be succeeded by Richard Mansfield, who is now in charge of Summit's proprietary mutual fund business.

Mr. Cussen, 62, joined Summit in 1988 and has built a wide-ranging insurance and securities business at the $37 billion-asset banking company.

His biggest accomplishment, he said, has been to develop insurance and investment product sales to the point where "they're presently considered as a core product."

The biggest challenge for his successor, he said, will be piloting Summit through an industrywide shift from commissions to compensation based on fees and assets. Within five years 50% of bank sales will involve such compensation, he said.

After leaving Summit, Mr. Cussen said, he will play golf and do some consulting.

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