Bank One Names New Boss at First USA

Bank One Corp., the No. 4 U.S. bank holding company, named Philip Heasley, a former U.S. Bancorp president, to run its troubled First USA credit card operation. Heasley, 51, will become chairman and chief executive of First USA on Jan. 1, succeeding William Boardman, 59, who will retire in mid-2001. First USA, the third-largest credit card issuer with 53.6 million cardholders, has been a sore spot for Chicago-based Bank One for more than a year. The credit card arm lost droves of customers last year after it reduced its late-fee grace period, a policy that was later reversed. Problems at First USA prompted the bank to issue a string of profit warnings in past quarters and damaged Bank One’s stock price. The bank has replaced its top management team, bringing in Wall Street veteran Jamie Dimon to turn the company around. Bank One’s stock fell $1.19 to close at $36.31 on the NYSE.