Sanford to Be New Chief of Bankers Trust

Bankers Trust New York Corp. said Thursday that Charles S. Sanford Jr. was elected its chairman and chief executive to succeed retiring Alfred Brittain III.

Sanford’s appointment is effective July 1; Brittain will retire after reaching age 65 next month.

Bankers Trust New York is the parent company of Bankers Trust Co., the nation’s eighth-largest commercial bank by deposits.

Sanford, a 50-year-old native of Savannah, Ga., has been deputy chairman of Bankers Trust New York since last June and before that had been the company’s president since January, 1983.

Brittain has been chairman since 1975. During his tenure, Bankers Trust withdrew from widespread consumer banking to concentrate on merchant banking and other financial services for primarily institutional clients.