Changes of the Week

P: Robert H. Stewart III, 34, was named president of the First National Bank in Dallas, the Southwest's second biggest (after Dallas' Republican National). Spectacled, boyish Bob Stewart is a third-generation banker whose grandfather was chairman of the First National, his father a director until last week (his uncle is president of Manhattan's Manufacturers Trust Co.). He started as a runner for Dallas' Empire State Bank in 1949 after service as a first lieutenant in World War II and graduating from Southern Methodist University, joined the First National in 1951 as an assistant cashier, became a top lending officer in the bank's oil department. Directors picked him for the job because they wanted a combination of youth and shrewd banking knowledge to guide First National in its increasing competition with Republican National.

P: C. Malcolm Davis, 41, was elected president and chief executive officer of the Fidelity Union Trust Co., New Jersey's largest bank (1959 assets: $518 million). Mai Davis started his banking career at 16 as a page boy for the Federal Reserve Bank of New York, worked his way up to bank examiner while going through New York University nights, served in the U.S. Army during World War II, rising from private to captain. Back home, he rose swiftly at Manhattan's First National Bank to full vice president in 1955, switched to Fidelity, where he became senior vice president in 1958.

P: John J. McCloy, chairman and chief executive officer of the Chase Manhattan Bank, second largest in the U.S. (after Bank of America), will retire at year's end. Though he is retiring to "observe the principle" of retirement at 65 (Chase Manhattan does not require it), McCloy intends to remain active in business, finance or law, take "a job with some responsible drudgery."

P: John H. Peace, 37, moved up from first vice president to president of Manhattan's William Esty Co., 17th largest U.S. advertising agency (1959 billings: an estimated $75 million), succeeding James J. Houlahan, 52, who became chairman and will remain chief executive officer. Peace went to work for Esty in 1941 after a brief stint at Fordham, has been there since except for Army service during World War II. He was moved up to the presidency while still young because Chairman Houlahan feels that "the peak years of creativity for a president are between the late 303 and 50."

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