May 25, 1990 |
A. W. (Tom) Clausen, who led BankAmerica Corp. from near-collapse to record profitability in his second stint as chief executive, formally retired Thursday and handed over the company's leadership to Richard M. Rosenberg. The long-planned succession, taking place at the end of the banking firm's annual shareholders meeting here, capped the career of a man who in late 1986 was granted what probably is the most remarkable second chance ever given a top corporate executive.
February 6, 1990 |
Richard M. Rosenberg, considered one of the nation's top retail bankers, was named Monday to succeed A. W. Clausen as chairman and chief executive of BankAmerica Corp. Clausen, who in his second turn as chief of the giant banking firm led it through one of the most dramatic turnarounds in banking history, said he will retire after conducting the annual shareholders meeting on May 24.
January 25, 1990 |
As the guard continues changing at California's top banks, the question increasingly asked these days is when BankAmerica Chairman A. W. (Tom) Clausen will retire. Speculation about Clausen's retirement plans have been building for a year, picking up the past week in published reports in San Francisco. Conventional wisdom has Clausen announcing his retirement before the bank's May 24 annual meeting, with Vice Chairman Richard M. Rosenberg getting the top job and Chief Financial Officer Frank N.
May 12, 1987 |
Thomas A. Cooper, Methodist minister turned cost-cutting banker, resigned Monday as president and chief operating officer of BankAmerica and of its principal unit, Bank of America, after apparently losing a power struggle. Cooper was president and chief operating officer of the troubled bank for a little more than a year. He was given the same titles at the parent company just last October, when Samuel H. Armacost was ousted as president and chief executive.
April 19, 1987
BankAmerica named three new directors, one outsider and two BankAmerica executives, bringing the number of board members to 17. The new outside director is Peter B. Bedford, 49, president of Bedford Properties Inc., a Lafayette, Calif., real estate development and investment firm. Bedford is the first outsider named to the board since 1982, when former Defense Secretary Robert S. McNamara and Kaiser Aluminum & Chemical Chairman Cornell C. Maier joined the BankAmerica board.
April 14, 1987 |
Richard M. Rosenberg, a well-traveled West Coast banking executive, is leaving the No. 2 job at Seattle's Seafirst Corp. to become vice chairman of BankAmerica and head of its crucial California banking system, BankAmerica announced Monday. Seafirst is the Seattle bank that BankAmerica acquired in 1983 after Seafirst nearly failed as a result of bad energy loans made before Rosenberg joined the bank. It recently has returned to profitability under Chairman Richard P.