Thomas G. Labrecque, president and chief operating...

Thomas G. Labrecque, president and chief operating officer of Chase Manhattan Corp., as expected was named to succeed Willard C. Butcher as chairman and chief executive of the New York banking firm.

Arthur F. Ryan, vice chairman, will become president and chief operating officer of the firm and its Chase Manhattan Bank unit. It has not been decided whether a new vice chairman will be appointed.

The changes, part of an orderly management succession under way since early 1988, will become effective Oct. 31, the company said.

Butcher will become chairman of the executive committee of the board.

“We have accelerated the process (of management succession) because there are a series of business challenges requiring organizational changes that could not be implemented until the issue of management succession was resolved,” Butcher said in a statement.