Taco Bell President to Become Bank Executive in Ohio

Taco Bell President and Chief Operating Officer Kenneth E. Stevens is leaving the fast-food leader to become chairman and chief executive of Banc One Retail Group in Columbus, Ohio, the companies said Tuesday.

Stevens, 44, became Taco Bell’s president in July 1994 after serving as a senior executive with Taco Bell and its parent company, PepsiCo Inc. He previously spent eight years with McKinsey & Co., a management and consulting firm, and headed a brand management team for Minneapolis-based General Mills Corp.

Stevens will oversee sales, product development, distribution, marketing and risk management for Banc One Retail Group. The company is a subsidiary of Banc One, which has $90.5 billion in assets and operates 56 banks with 1,502 offices in Ohio and 10 other states.

Industry observers suggested that Stevens’ fast-food background will be a plus in an industry that’s being reshaped by consolidations and growing demands from consumers for better service.

“Banks are becoming extremely customer-oriented, and what’s more customer-oriented than a restaurant?” said Larry Wangler, an Irvine-based principal with the Towers Perrin management consulting firm. “And it’s no accident that Taco Bell and PepsiCo are both known for being intensely consumer-oriented.”

Taco Bell has no immediate plans to replace Stevens, the company said. Taco Bell’s senior management team will now report directly to John Martin, Taco Bell chairman and chief executive.