Robert V. Lindsay, president of J. P. Morgan & Co. since 1980, announced Wednesday that he would retire at the end of this year, ending a 37-year career with one of the world's most prestigious financial institutions.
The New York-based banking company said that Lindsay, 60, who also was president of Morgan Guaranty Trust Co., had planned the retirement for some time.
Named to replace Lindsay is Dennis Weatherstone, chairman of the executive committee. Weatherstone, 55, will become president effective Jan. 1.
Morgan is the nation's fifth-largest banking company and parent of Morgan Guaranty Trust, the fifth-largest bank.
In 1949, Lindsay began working for the original J. P. Morgan & Co., which later merged with Guaranty Trust Co. to form Morgan Guaranty Trust. He became president of the bank and the bank holding company on Jan. 1, 1980.
Weatherstone, who was born in England, began working for Guaranty Trust in 1946 in London. He became an officer in 1959 and later was vice president and general manager of Morgan's London offices before transferring to New York in 1971.