The chief financial officer of Star Banc Corp. has resigned, opening the way for the company's new chief executive, Jerry A. Grundhofer, to make his first senior management appointment.
The Cincinnati-based banking company said Tuesday that Gust J. Totlis left to join a Midwestern insurance company. Mr. Totlis had been chief financial officer since he joined Star in 1985.
Timothy J. Fogarty will assume Mr. Totlis' duties "on an interim basis," Mr. Grundhofer said in prepared remarks.
Mr. Fogarty is a senior vice president and member of the powerful management committee at Star, which has $7.4 billion of assets.
Departure |Not Disruptive'
Mr. Grundhofer, a former top officer of BankAmerica Corp., joined Star Banc this summer with a mandate to preserve the bank's independence and accelerate its growth.
The departure of Mr. Totlis "should not be disruptive" since Star Banc is stable and delivering solid profits, said Fred Cummings, a banking analyst with McDonald & Co., Cleveland.
"The main implication is that Mr. Grundhofer gets to install a senior officer of his own choosing," Mr. Cummings said.
Mr. Totlis was not a contender for the chief executive's slot prior to the appointment of Mr. Grundhofer, according to sources at Star. They added that his departure was voluntary.