NationsBank Lineup Heavy with NCNB Vets
NCNB Corp. chairman and chief executive Hugh L. McColl Jr. unveiled his executive lineup on Tuesday for the planned NationsBank. As expected, NCNB executives hold most major levers of power.
The NCNB dominance lends credence to the view that "this is an acquisition, not a merger" with C&S/Sovran Corp., said Frank Anderson, banking analyst with Stephens Inc. in Little Rock, Ark.
The biggest winner on the organization chart appeared to be Kenneth D. Lewis, who will be in charge of retail operations as president of the combined company's General Bank in Atlanta. He will report to Mr. McColl, NationsBank's president and chief executive.
Considered Heir Apparent
Mr. Lewis, 48, has long been considered Mr. McColl's heir apparent at NCNB. He is currently president of NCNB's General Bank.
Another winner is F. William Vandiver Jr., 49, president of NationsBank's other major division, the Institutional Bank. He holds a similar post at NCNB, overseeing corporate and investment banking.
Mr. Vandiver will report to NCNB vice chairman James W. Thompson, who will become chairman of NationsBank's eastern region.
NCNB chief financial officer James H. Hance will hold the same post at NationsBank, and chief credit officer Fredric J. Figge will become chairman of NationsBank's credit policy committee.
Adopting NCNB Structure
Sources say NationsBank is emulating NCNB in adopting a matrix style of organization, with multiple lines of reporting. Some executives are responsible for delivering services in their particular regions, but the day-to-day operating power lies with administrators of various functional areas.
NationsBank will have four geographic administrators: Mr. Thompson, as chairman of the eastern region; Hugh M. Chapman, C&S/Sovran vice chairman, as chairman of the southern region; Albert B. Gornto, chairman of C&S/Sovran's executive committee, as head of the mid-Atlantic region; and Timothy P. Hartman, NCNB's Texas-based vice chairman, as chairman of the western region.
Along with the General and Institutional banks, most other top functional jobs are held by NCNB executives. These include: James B. Sommers (trust), Edward J. Brown 3d (corporate banking), Raleigh Hortenstine 3d (trading and distribution), William L. Maxwell (funds management), Craig M. Wardlaw (principal investment officer), and G. Patrick Phillips (financial products).