Norwest Corp. Picks Johnson as President

Lloyd P. Johnson, a vice chairman of Los Angeles-based Security Pacific Corp. until last September, on Tuesday was named president and chief executive of Norwest Corp., a Minneapolis-based bank holding company.

The appointment of Johnson, 54, is part of a planned management succession at the Minnesota banking firm. John W. Morrison, 62, who had been chief executive and chairman, will remain as chairman. The position of president had been vacant since 1982.

Johnson was a vice chairman at Security Pacific in charge of its domestic and international wholesale banking operations. He resigned that post last September in connection with the firm’s consolidation of its wholesale banking and securities operations. Since then, he has remained at Security Pacific on special assignment to the office of the chief executive, a Security Pacific spokeswoman said.

Norwest, the nation’s 18th-largest bank holding company with majority interests in 81 banks in seven states, recently has been troubled by losses in mortgage banking and problem loans in agriculture.