First Chicago's Chief Bows Out

Bogged down by bad loans in commercial real estate, junk bonds, and consumer debt, First Chicago now has another problem to contend with: the search for a new chairman. Barry Sullivan, 60, said on Oct. 30 that he'll retire from the nation's 11th-largest bank-holding company by April, if not before. Among the possible successors is Thomas Johnson, the former president of Manufacturers Hanover, which merged with Chemical last summer. Richard Thomas, president of First Chicago, is the top inside candidate.

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