Bank One Corporation Announces Senior Management and Board Changes

Strategic Insights -

Effective immediately, Bank One Corporation has implemented changes in its senior management and board of directors. John B. McCoy, chairman and chief executive officer, has retired, while John R. Hall, retired chairman and chief executive officer of Ashland, Inc., has been elected non-executive chairman of the board of Bank One. Verne G. Istock, president of Bank One, has been elected acting chief executive officer. The search process for a permanent chairman and CEO has begun, led by Hall, who will head the search committee.

Key Takeaways:

  • John B. McCoy, 56, has retired as chairman and chief executive officer of Bank One Corporation.
  • John R. Hall, 67, has been elected non-executive chairman of the board of Bank One, having served as a director since 1987.
  • Verne G. Istock, 59, has been elected acting chief executive officer of Bank One.
  • William P. Boardman, 58, has been elected vice chairman and a director of the corporation, with responsibilities as head of the credit card business.
  • The board of directors has initiated a search process for a permanent chairman and CEO, led by Hall and the organization, compensation, and nominating committee.
  • Bank One's executive management team will provide an update to investors and analysts in New York in January.
  • John McCoy has served as chief executive officer for 15 years and played a key role in the Uncommon Partnership, leading the integration of leading banks from markets across the country.

Statistics:

  • Bank One has assets of more than $260 billion, making it the nation's fourth-largest bank holding company.
  • John McCoy has spent 29 years with Bank One, growing the company from a small Ohio bank to the nation's fourth largest.
  • Verne Istock has stated his commitment to working with John Hall and the board to resolve current issues and position the organization for future growth.
  • The search committee intends to complete the process for a permanent chairman and CEO in the next few months.

Sources:

  • PR Newswire, "Bank One Corporation Announces Senior Management and Board Changes"
  • Bank One Corporation, www.bankone.com