CHICAGO - Bank One Corp. chief executive officer James Dimon continued to reshuffle his management ranks Monday, announcing the senior-level appointment of two executives who come from outside his inner circle of top advisers.
Sarah McClelland, a 17-year veteran of the company and its predecessors, was named executive vice president and chief risk management officer, reporting directly to Mr. Dimon. Ms. McClelland, 40, was most recently the company's chief credit officer for middle market banking and previously held several senior credit and lending positions.
She is taking over for Richard R. Wade, who was appointed president of Bank One in Michigan and head of middle market banking for Michigan, Ohio, Kentucky, and West Virginia. Mr. Wade, a 26-year company employee, had moved to Chicago from Michigan after the 1995 merger of NBD Corp. and First Chicago Corp.
Mr. Wade, 48, has been chief risk officer for Bank One since 1998.
Mr. Dimon was named CEO of Bank One in March and has wasted little time putting his imprint on the $270 billion-asset Chicago banking company. He has filled most of the plum executive posts with people from the outside, apparently to breathe fresh air into a company beleaguered by profit concerns and operational inefficiencies.
Mr. Dimon, who was president of Citigroup Inc. until an abrupt departure in the fall of 1998, looked to his previous employer weeks ago to hire a new chief financial officer, Charles Scharf.
Mr. Scharf, 35, had worked alongside Mr. Dimon at the Salomon Smith Barney unit of Travelers Group, where he was chief financial officer. He took over a job left vacant in May by Robert A. Rosholt, who resigned as Bank One's finance chief as Mr. Dimon set about reorganizing the company.
Mr. Dimon also hired Michael Cavanaugh as Bank One's head of strategic planning. Mr. Cavanaugh, 34, was most recently chief administrative officer of Salomon Smith Barney in Europe.
In addition, William I. Campbell, former co-head of Citi's global consumer operations, was brought on earlier this year as a senior adviser on e-commerce issues for Bank One.
Other top management team spots were filled with Bank One employees.
Risk management has been one of Mr. Dimon's priorities. Last week, he unveiled a massive restructuring program that included a $2.8 billion second-quarter charge designed to cut Bank One's losses in various businesses.
"Throughout her 17 years at the bank, Sarah has learned to provide customers with the capital they need to grow their businesses while managing the corporation's risk," Mr. Dimon said in a statement Monday.
Ms. McClelland started her career at NBD Corp. and survived the multiple mergers that eventually created the modern Bank One. "I basically spent half my time on commercial relationship management dealing with mid and large corporate customers," she said in an interview. "I spent the other half of my career in various credit risk management positions."
Mr. Wade succeeds Walter C. Watkins Jr., who is retiring from Bank One after 32 years with the company. Mr. Watkins became president of Bank One in Michigan in 1998 after serving in several senior positions during his career.
A spokesman said Mr. Wade, who also started out at NBD Corp., had a strong background to return to Michigan and run the operations there. Michigan is the company's second-largest commercial market.
The changes are effective Sept. 30.
