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KOVACEVICH TO SUCCEED JOHNSON ON JAN. 1, 1993 AS NORWEST'S CHIEF EXECUTIVE OFFICER; JOHNSON TO CONTINUE AS CHAIRMAN

 KOVACEVICH TO SUCCEED JOHNSON ON JAN. 1, 1993 AS NORWEST'S CHIEF
 EXECUTIVE OFFICER; JOHNSON TO CONTINUE AS CHAIRMAN
 MINNEAPOLIS, April 29 /PRNewswire/ -- Norwest Corporation (NYSE: NOB) announced today that Chairman of the Board and Chief Executive Officer Lloyd P. Johnson has decided to step down on Jan. 1, 1993, as chief executive officer, a position he has held since coming to Norwest on March 3, 1985. However, Johnson, 62, will continue as chairman of the board.
 The board of directors selected Richard M. Kovacevich, Norwest's president and chief operating officer and a director, to succeed Johnson as chief executive officer on Jan. 1, 1993.
 "On Jan. 1, 1993, it will be an appropriate time for me to reduce my responsibilities with Norwest," said Johnson. "I will have had eight satisfying years with Norwest and on Jan. 1 of next year I will hand over the reins to a successor and a management team that is extremely well equipped to lead the company to continued growth and profitability.
 "Dick Kovacevich has contributed greatly to the success of Norwest. He has the experience, the leadership skills and the integrity to build on Norwest's reputation as one of the nation's outstanding financial services companies. He will do an excellent job," said Johnson.
 Kovacevich said Norwest's employees and stockholders should be pleased that Johnson will continue as chairman of the board on Jan. 1, 1993. "Lloyd's accomplishments as chief executive officer of Norwest have been remarkable," said Kovacevich. "Since coming to Norwest in 1985, he has presided over one of the most successful turnarounds in U.S. banking history. The board, our entire senior management team and I are delighted that, with his 38 years in banking and his experience in almost every facet of the industry, Lloyd has agreed to continue contributing to the company's success. We all will benefit from his guidance and counsel."
 Johnson joined Norwest in March 1985 as president and chief executive officer and a director after retiring from Security Pacific Corporation as vice chairman. During his tenure as chief executive officer, Norwest has become one of the largest and most profitable bank holding companies in the nation. Assets have almost doubled from $21.3 billion at year-end 1984 to $41.2 billion at March 31, 1992. Annual net income has increased from $69.5 million in 1984 to $398.5 million in 1991.
 Return on assets has risen from .34 percent in 1984 to a Norwest record 1.24 percent in this year's first quarter. Return on common equity has increased from 6.0 percent in 1984 to 18.3 percent in this year's first
quarter. The past five years, the total return on Norwest stock, including appreciation and dividends, has been more than 200 percent, best among the nation's 50 largest band holding companies.
 Johnson also led the effort that produced the design and construction of the 57-story Norwest Center, completed in 1988 and widely regarded as the signature building of the Minneapolis skyline and one of the nation's most inspiring office towers.
 Kovacevich, 48, is a native of Enumclaw, Wash., and received his B.S. and M.S. in industrial engineering and an M.B.A. degree, all from Stanford University. He joined Norwest in March 1986 as vice chairman and chief operating officer of the Banking Group and a director of the corporation.
 He was named president and chief operating officer in January 1989. Before joining Norwest, he was group executive and member of the policy committee of Citicorp in New York City, in charge of its international consumer businesses. He began his career in 1967 with General Mills in strategic planning and in 1969 was placed in charge of the company's Kenner Products subsidiary. He joined Citicorp in 1975 as senior vice president and manager of domestic consumer services.
 He later was placed in charge of Citibank USA, including its nationwide Mastercard and VISA division, and the New York banking division.
 Kovacevich is a member of the board of VISA U.S.A., Inc., The NWNL Companies, Inc. and its subsidiary, Northwestern National Life Insurance Company, Northern States Power Company, The Guthrie Theater, Walker Art Center, chairman of the board of The Greater Minneapolis Metropolitan Housing Corp., and a trustee of Twin Cities Public Television, Inc.
 Norwest Corporation is a $41.2 billion company providing banking, insurance, investments and other financial services through 1,688 offices in 49 states and internationally.
 -0- 4/29/92
 /CONTACT: Larry Haeg of Norwest Corporation, 612-667-7043/
 (NOB) CO: Norwest Corporation ST: Minnesota IN: FIN SU: PER


DS -- MN004 -- 4162 04/29/92 08:12 EDT
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Publication:PR Newswire
Date:Apr 29, 1992
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