Private Bancorp Inc. in Chicago 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 officer of Rolls Royce North America Inc., would take over as nonexecutive chairman at the close of the PrivateBancorp's annual meeting Thursday. He succeeds the Ralph Mandell, who has been chairman since co-founding the company in 1991. Mandell, who had announced his decision to retire earlier this year, will remain on PrivateBancorp's board of directors.

Guyette was a founding director of PrivateBancorp and last year was appointed lead independent director. He also serves on the boards of Rolls Royce plc and Priceline.com.

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