J.P. Morgan Exec Quits

Denis O'Leary, the hard-charging business-technology executive who helped integrate the IT systems of Chemical Bank and Chase Manhattan when the two financial institutions merged in 1996 and later helped with the merger of Chase and J.P. Morgan, is leaving his position with J.P. Morgan Chase & Co. at the end of January. "I've been here for 25 years," O'Leary says. "I want to realize personal goals outside the firm."

O'Leary, 46, started his career as a corporate lending officer with Manufacturers Hanover in 1978. He led the technology integration of Manufacturers and Chemical when they merged in 1991 and was made CIO of Chemical in 1993. O'Leary headed Chase's online effort, Chase.com, then was executive manager of LabMorgan, the bank's Internet incubator. His most recent roles were executive VP in charge of consumer payments and adviser to vice chairman Don Layton.

O'Leary, who was InformationWeek's chief of the year in 1996 and serves on the magazine's editorial advisory board, says he doesn't have another position lined up-"I'm going to see what's out there"-but that the departure is on good terms. "It was done in a way that everyone is smiling at one another." An internal memo from Layton announcing O'Leary's departure says O'Leary approached him and chairman Bill Harrison several months ago with his desire to leave.

O'Leary says he's looking for a new challenge. "There were strong people in place in jobs that had interest to me," he says. "I didn't want to wait for the world to change. I'd rather be in control of my destiny."