SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: March 24, 1999 Commission file number: 1-5805
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THE CHASE MANHATTAN CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 13-2624428
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(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification No.)
270 Park Avenue, New York, NY 10017
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code): (212) 270-6000
Item 5. Other Events
On March 24, 1999, The Chase Manhattan Corporation announced that William
B. Harrison, Jr., 55, has been elected President and CEO. Mr. Harrison succeeds
Walter V. Shipley, 63, who will continue in his capacity as Chairman of the
Board. Thomas G. Labrecque, 60, President and COO, will retire. All of the
changes are effective June 1, 1999.
A copy of the press release is attached as an exhibit to this report.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
The following exhibit is filed with this report:
Exhibit Number Description
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99.1 Press Release
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE CHASE MANHATTAN CORPORATION
(Registrant)
Dated: March 24, 1999 By: /s/Anthony J. Horan
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Anthony J. Horan
Corporate Secretary
EXHIBIT INDEX
Exhibit Number Description
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99.1 Press Release
The Chase Manhattan Corporation
270 Park Avenue
New York, New York 10017-2070
News Release
FOR IMMEDIATE RELEASE Press Contact: Jim Finn
212-270-7438
Investor Contact: John Borden
212-270-7318
CHASE NAMES WILLIAM B. HARRISON, JR. PRESIDENT
AND CHIEF EXECUTIVE OFFICER
NEW YORK, March 24, 1999 -- The Chase Manhattan Corporation (NYSE:CMB)
announced today that William B. Harrison, Jr., 55, has been elected President
and CEO. Mr. Harrison succeeds Walter V. Shipley, 63, who will continue in his
capacity as Chairman of the Board. Thomas G. Labrecque, 60, President and COO
will retire. All of the changes are effective June 1, 1999.
In a joint letter to employees announcing the changes, Messrs. Shipley and
Labrecque said: "Fifteen months ago, we formed a nine person Executive Committee
and started sharing more of our responsibilities with the members of that
committee in order to prepare them for an eventual transition. Over the last
year, we have had an extensive series of meetings with our Board of Directors to
consider the substance and timing of management succession. We and the Board
concluded that Chase has a wealth of talent on its senior management team and
that the next generation is ready to take over."
Commenting on his partnership with Mr. Labrecque, Mr. Shipley said:
"Almost four years ago, the two of us set out as partners to form one of the
best financial services companies in the world, characterized by market
leadership positions, quality products, a focus on client relationships and a
team-based culture. Tom and I committed ourselves to making decisions based upon
what is in the best interest of shareholders, customers and employees. Bill
Harrison is the right person to continue that commitment and to lead Chase into
the next century."
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Commenting on his appointment, Mr. Harrison said, "I am honored by the
confidence placed in me by Walter, Tom and the Board. We have a dedicated and
experienced team, and Chase has a broad base of clients and product leadership,
diverse business franchises and demonstrated financial discipline that positions
us very favorably for the future."
Mr. Harrison is currently Vice Chairman of the Board of Chase, where he
has served since 1990, and will continue as a director upon assuming his new
position. Since 1987, he has also been responsible for the operations of the
Global Bank, which consist of Chase's Investment Bank, Global Markets, middle
market, the private bank and private equity investing. He has been with Chase
for over 30 years and is largely credited with successfully integrating the
wholesale operations of Chemical Bank and Chase into one of the world's most
profitable wholesale-investment banks.
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