Banking Company Announces ReorganizationAP , Associated Press
Apr. 19, 1985 12:19 AM ET
NEW YORK (AP) _ Manufacturers Hanover Corp., the nation's fourth largest bank holding company, announced Thursday a wide-ranging corporate reorganization that it said would help it serve its customers better.
The banking company also announced that its president, Harry Taylor, had decided to take early retirement on July 1 and would be succeeded by John R. Torell III, the president of its flagship bank, Manufacturers Hanover Trust Co.
The company said the 58-year-old Taylor's decision to retire after 43 years in the banking business was unrelated to the reorganization.
Torell will continue as president of the bank.
The reorganization involves creation of five business sectors, each headed by an executive vice president and each responsible for achieving results as a stand-alone business group.
The five sectors, their leaders and their areas of responsibilities are:
-Investment banking, headed by Douglas E. Ebert, and responsible for foreign exchange, a London-based merchant bank, the investment unit that manages $22 billion in institutional funds and the venture capital and special finance units.
-Asset based financing, headed by Albert R. Gamper, and responsible for commercial real estate lending, large-ticket equipment financing and the leasing unit.
-Banking and financial, headed by Donald G. McCouch, and responsible for all correspondent banking in the United States and overseas and for corporate and government accounts worldwide outside North America.
-Corporate banking, headed by Donald H. McCree, responsible for major corporate accounts in the United States and Canada.
-Retail banking, headed by Edward D. Miller, and responsible for all consumer activities, including branch banking, retail card services, consumer finance and mortgages.
''We have outgrown the old structure where major units of the flagship bank, non-bank subsidiaries, staff and operations all reported on a centralized basis to the office of the chairman,'' said John F. McGillicuddy, chairman and chief executive.
He said the reorganization to cluster units according to the customer group also would result in a change in management style, decentralizing all management functions.
''Our new management process will make the corporation more responsive to customer requirements,'' McGillicuddy said.