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First Union chief to retire
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October 17, 2000: 3:55 p.m. ET
Crutchfield accelerates his exit, opting to step down as chairman in March
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NEW YORK (CNNfn) - First Union Corp., the sixth-largest bank in the United States, on Tuesday announced that Edward E. Crutchfield will step down as chairman of the company next spring, about 10 months sooner than planned.
As expected, First Union's current chief executive, G. Kennedy Thompson, will succeed Crutchfield at that time.
Crutchfield, 59, voluntarily handed over the reins to Thompson earlier this year to seek treatment for a curable form of lymphoma cancer. He has since completed his treatments and is currently in full remission, the bank said in a statement.
He was slated to remain chairman of the company until at least Dec. 31, 2001, according to previous statements from the company.
Crutchfield built First Union through an aggressive campaign of takeovers and cost-cutting. He joined the bank in 1965 as a 23-year-old bond trader and ran First Union since 1984, buying 80 banks in a dozen years.
First Union has about 15 million retail and corporate clients, mostly on the East Coast and in North Carolina. Shares of First Union (FTU: Research, Estimates) slipped $1.25 Tuesday to $27.75. 
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First Union
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