MINNEAPOLIS Lloyd P. Johnson said Tuesday that he will retire as chairman of Minneapolis-based Norwest Corp. next May, completing a transfer of power to chief executive and president Richard M. Kovacevich.

A former vice chairman of Security Pacific Corp., Mr. Johnson joined Norwest in 1985. Analysts say he was a driving force in Norwest's emergence as a top-performing superregional.

Mr. Kovacevich. 51, will assume the additional title of chairman upon Mr. Johnson's departure. Mr. Johnson will remain a director of the $56.6 billion-asset bank.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.