(FORTUNE Magazine) – What happened between the two top Johns at Manufacturers Hanover during the weeks preceding the surprise resignation of President John R. Torell III will surely go down as one of the best-kept secrets in the history of the overexposed, undercapitalized bank. On the same day that Torell, 48, told Chairman John McGillicuddy he was leaving, he attended a party where he delivered a farewell speech for a retiring executive. Although the room was abuzz with the cocktail chatter of Manny's most-senior officers, there was not even a whisper that Torell would be the next to go. ''I view the whole situation as bizarre,'' says James McDermott, a banking analyst at Keefe Bruyette & Woods. ''He was the heir apparent. It seems unusual for a man who spent 27 years at a place to decide now, when the corporation is in need of strong management, that he wants a change in lifestyle.'' Apparently that's exactly what Torell wanted. After six years as the president and protege who built up some of the bank's most profitable areas, including its consumer finance business, Torell decided he would rather be headman. ''I am absolutely convinced I'm ready to run something of size,'' he says. ''I have a boss who's 57 and full of vim and vigor. I said to him, 'Hey, John, could I have your blessing to try something myself?' I'd like to run something of my own, and I'd like to do it now.'' Like? Well, his strong suit is financial services. He would like a big company. And preferably one in trouble. ''A turnaround situation could make sense. It could make a lot of sense,'' Torell says. With banking afflictions abounding in Texas and California, it shouldn't take him long to find a hot seat.