Chase Manhattan Corp. announced that its chairman, Walter Shipley will step down on Jan. 1, 2000 to be replaced by its president and chief executive officer, William Harrison, who will continue as CEO.

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Harrison had been president and chief executive until June 1999, after taking over Chase's head office upon its merger with Chemical Bank on March 31, 1996.

"Walter and I have been partners and friends for more than 32 years," said Harrison, "and his retirement from Chase is just the beginning of a new chapter in our long association. As we look to the future, I am pleased that Walter has agreed to serve as a senior advisor to me and the corporation."

Shipley added, in a statement, that it had become clear to him earlier in the year that he would be stepping down as the next generation of management at Chase was ready to take over. 

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