James Stewart III, president and chief executive of Wilmington, Del.-based WingspanBank, will step down by Dec. 31 to pursue other "Internet-based financial-service opportunities," according to a statement from First USA, the credit card unit of Bank One. Stewart also served as an executive vice president of partnership and Internet marketing for First USA.
While several major financial institutes, including Citibank, Wells Fargo, and Bank of America, are building their Internet businesses on the foundations of their offline services, Bank One took the usual step of creating a completely different online division. Still, the online bank is being buffeted by the fortunes of its brick-and-mortar parent company.
Bank One, the fourth largest U.S. bank holding company with assets of more than $264 billion and First USA, the country's second largest credit card issuer, have in recent months endured several retirements and resignations.
In a management shakeup in October, Richard Vague, the head of First USA, resigned after Bank One warned that First USA's credit card business would cause the company to miss its 1999 earnings estimate.
Gary Marino, the executive vice president of marketing, will assume responsibility for the partnership marketing area and continue to report to First USA chief executive William Boardman.
Michael Cleary, executive vice president of Internet marketing for WingspanBank.com, will take over the day-to-day management and operation of WingspanBank.com and will report to Boardman.