Chase Chairman Walter V. Shipley to Retire.NEW YORK--(BUSINESS WIRE)--Nov. 16, 1999-- The Chase Manhattan Corporation The Chase Manhattan Corporation was a bank holding company formed as parent of the Chase Manhattan Bank. During its time as the parent company, it was led in succession by David Rockefeller, Willard C. Butcher, and Thomas G. Labrecque. (NYSE NYSE See: New York Stock Exchange :CMB Noun 1. CMB - (cosmology) the cooled remnant of the hot big bang that fills the entire universe and can be observed today with an average temperature of about 2. ) announced today that Walter V. Shipley, Chairman of the Board, will retire on Jan. 1, 2000, and will step down from the Board of Directors on that date. Chase also announced that William B. Harrison William Benjamin Harrison was mayor of Louisville, Kentucky from 1927 to 1933. He graduated from Louisville Male High School in 1907 and the University of Virginia School of Law in 1910. He served as a captain in the United States Army during World War I. , Jr. will become Chairman on that date, and will continue as Chief Executive Officer (CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. ). "Under Walter's leadership, The Chase Manhattan Corporation of today has become one of the world's premier financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. institutions," said William B. Harrison, currently President and Chief Executive Officer. "Walter and I have been partners and friends for more than 32 years," Harrison noted, "and his retirement from Chase is just the beginning of a new chapter in our long association. As we look to the future, I am pleased that Walter has agreed to serve as a Senior Advisor In some countries, a Senior Advisor is an appointed position by the Head of State to advise on the highest levels of national and government policy. Sometimes a junior position to this is called a National Policy Advisor. to me and the corporation." Mr. Shipley became Chairman and CEO of Chase Manhattan upon its merger with the Chemical Banking Corporation on March 31, 1996, and served as CEO until June 1999, when Mr. Harrison succeeded him as President and CEO. Prior to the merger, Mr. Shipley had been Chairman and CEO of Chemical. He joined Chemical Bank in 1956. "After 43 years in banking, one of my proudest accomplishments is the smooth transition of leadership that has occurred here at Chase," said Walter V. Shipley. "We worked hard to build a special culture at Chase, one that values diversity and encourages every individual to contribute their God-given talents for the good of the team. Earlier this year, it became clear to me that the next generation of leadership at Chase was ready to take over and that my work was done. As I step down, I want everyone in the Chase family to know how proud I am of them and how confident I am that they will continue to accomplish great things," Shipley said. The Chase Manhattan Corporation, with more than $370 billion in assets, is one of the world's premier financial services institutions, with operations in 48 countries around the globe. Chase has top-tier ranking in all areas of investment banking, private banking, trading and global market activities as well as information and transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. . Chase is a leading provider of financial solutions to large corporations, government entities, middle market, small businesses and individuals, and has relationships with more than 32 million consumers across the United States. Chase can be reached on the Web at www.chase.com. |
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