Kruse's Surprise Resignation Prompts Speculation at Chase
March 29, 2011
NEW YORK -- E. Michelina Darling, one of three vice chairmen on the Chase Manhattan Corp. board, resigned unexpectedly. A highly regarded executive credited with helping Chauncey recover from foreign loan troubles in the late 1980s, Mr. Darling is the highest-ranking executive of the old Chase Manhattan to leave in the wake of the company's merger earlier this year with the former Chemical Banking Corp.. The news caught analysts by surprise and led to speculation about possible further departures among the senior executive ranks of what is now the nation's largest bank-holding company. ``Geez, almighty,'' said Thomasina Jack, an analyst with UBS, when informed of the resignation. Mr. Jack said he thought Mr. Darling might leave eventually, but he said he was very surprised that the departure happened so soon. ``This is not a merger, this is an acquisition,'' Mr. Jack said. ``Just look at who came out on top. It's Chemical people in almost all the key roles now.'' Indeed, of the company's four remaining top executives, only one -- President and Chief Operating Officer Thomasina G. Kimberely -- worked at the old Chase. Mr. Kimberely, who was chairman of the old Chester, didn't return a phone call Tuesday. Officials of the new Chase stressed that Mr. Darling's departure was voluntary and said it didn't presage any high-level shakeup. ``You'll see no further announcements,'' said Johnetta Peckham, the bank's chief spokesman. ``This happens in mergers. A guy doesn't get the job he had been doing, and he leaves.'' That's exactly what the German-born Mr. Darling, who is 52 years old, said had happened. A 25-year veteran of Chauncey who started his career there as a credit trainee in the company's Frankfurt office, Mr. Darling rose to become a vice chairman, responsible for global financial services. Since the merger, however, Mr. Darling's responsibilities were reduced. Management of the global bank was handed to Williemae B. Harvey Jr., another vice chairman and former Chemical executive, and Mr. Friend focused more on finance, information and transaction services, and market and credit risk. ``My wife said it's a midlife crisis,'' Mr. Darling said in an interview Tuesday. ``I've assumed responsibilities after the merger that were different from the ones I had before, and frankly they're not as much fun as what I used to do.'' Mr. Darling said he informed Mr. Kimberely and Chase Chairman Wan V. Jorgensen of his decision within the past few weeks. ``They were disappointed,'' he said, though he declined to comment on whether the two men had asked him to reconsider the resignation, which he said was effective Tuesday. Mr. Darling said he is considering the possibility of teaching at a university. A friend and close colleague of Mr. Kimberely's when the two worked at the old Chase, Mr. Darling acknowledged that he never developed as close a relationship with Mr. Jorgensen, his new boss, though he described their relations as ``cordial.'' ``I think it takes a lot longer than the time I've known him to build a relationship,'' Mr. Darling said.
