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Bank One's Acting CEO: "We Have No Intention of Selling" And yes, Verne Istock wants the top job permanently Verne G. Istock was thrust into the job of acting CEO of the nation's fourth-largest bank after John B. McCoy's sudden exit from Bank One Corp. on Dec. 21. Istock, 59, has plenty of experience to draw on. A year ago, he was CEO of First Chicago NBD Corp., which merged with Bank One in a $19 billion deal. In a move that may have foreshadowed McCoy's departure, in October Istock was given McCoy's title of president with responsibility for all the bank's operations, except its broken credit-card unit, First USA. Istock takes over -- at least temporarily -- as Bank One struggles to define its strategy and recover credibility after issuing two profit warnings since August. He's promising to lay out the bank's strategy with analysts in January. In the meantime, he insisted in an interview with Business Week Online that Bank One is not for sale. He also expressed admiration for McCoy, who he said decided to retire early "for the good of all." Istock spoke with BW Correspondent Pam Moore from the company's headquarters in Chicago. Here are edited excerpts from their conversation: Q: You're acting CEO while the board conducts a search for a new leader. You will be considered for the job. What's the time frame for the search, and do you want the job? A: They're going to start the search process immediately. I've been a CEO with two other banking organizations. I will be more than happy to be made CEO. Q: Bank One's battered stock price and slowing earnings make it vulnerable to takeover. Is Bank One for sale? A: We have no intention of selling the bank. Q: As acting CEO, do you have the authority to say it's not for sale? A: Yes, even though I'm an acting CEO. It is the position of this board that we are not for sale. Q: Does this year's performance by Bank One raise questions about the premise for merging Bank One with First Chicago NBD? A: I'd say today the merger is pretty much behind us. Obviously, there are bumps along the way in your career. We had it in the First Chicago-NBD merger [in 1996]. You get those kinds of surprises in the business. Did I expect this one [with First USA]? Absolutely not. That does not change what we thought was the original premise of this merger. I still believe that was a sound decision. Q: What will you miss about working with John McCoy? A: John and I worked pretty closely together. We've known each other for more than 20 years. The ability to bounce ideas off one another helped us both. Q: Was McCoy under pressure from the board to leave? A: To the best of my knowledge, it was a personal decision. I admire him for making the decision because he did it for the good of all. Q: What strengths do you bring to your new job? A: I've been in that capacity [as CEO] in two other organizations, NBD Corp., and First Chicago NBD Corp. I've been there, is the answer.
EDITED BY PAUL JUDGE
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