PrivateBancorp Inc. of Chicago said Wednesday that it has named James Guyette as the second chairman in the company's 20-year history.

The $12.5 billion-asset company said that Guyette, the chairman, president and chief executive of Rolls-Royce North America Inc., has taken over as nonexecutive chairman.

Guyette succeeded Ralph Mandell, who had been chairman since co-founding PrivateBancorp in 1991. dell, who earlier this year had announced plans to retire, will remain a director.

Guyette was a founding director of PrivateBancorp. Last year he was named the company's lead independent director. He also serves as a director at Rolls-Royce Group PLC and Priceline.com.

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