George P. Clancy, Jr. was incorrectly identified in yesterday's Business section. He is president and chief operating officer of Riggs National Corp.
G. P. Clancy Jr. has resigned without explanation as president and chief executive of Riggs National Corp., the largest bank holding company in the District.
Clancy, 42, was replaced by Thomas W. Wren, 63, a long-time business associate of Joe L. Allbritton, chairman and largest shareholder of Riggs.
The company, which owns Riggs National Bank, gave no reason for the shake-up, which came nearly one year to the day after a management shuffle made Clancy president and put him in charge of daily operations for the bank holding company.
Local banking officials praised Clancy, who had spent his entire professional career at Riggs, as an executive with excellent banking skills and chalked up his departure to a personality conflict with Allbritton, who has a reputation of running Riggs with an iron hand.
Clancy, Wren and Allbritton did not return a reporter's telephone calls.
Clancy turned in his resignation Tuesday in a letter to Allbritton. The Riggs board of directors yesterday voted to accept the resignation and to elect Wren to replace Clancy, a company spokesman said.
A company spokesman said that Wren will continue as vice chairman of the holding company and the bank, the spokesman said.
Wren joined Riggs in 1981, when Allbritton bought controlling interest in the bank. Wren is vice chairman of University Bancshares in Houston, which Allbritton also controls.
Clancy joined Riggs in 1967 as a management trainee. He became a senior vice president in 1979 and an executive vice president in 1983.