People: Jack Stack - Member of the managing board, Ceska Sporitelna
|Headline: Jack Stack - Member of the managing board, Ceska Sporitelna
Date: March 2000
Author: Philip Eade
When at the beginning of February Erste Bank of Austria announced that it had bought Ceska Sporitelna, the second largest bank in the Czech Republic, how many would have predicted that it had up its sleeve one of the best known and most respected figures in American retail banking to run it? Erste's chosen man is Jack Stack, who has worked for Chemical and its successor banks for 23 years, during which time he played key roles in the mergers between Chemical and Manufacturers Hanover and later between Chemical and Chase. No-one can tell this engaging fellow that he doesn't know an awful lot about retail banking. "He's a great thinker and a change maker," says his former colleague Vincent Pelliteri, a senior vice-president at Chase Manhattan Bank. "He's clearly one of the people who have made a difference to the US banking system."
Born in 1946, the son of Irish immigrants, Stack grew up in the Bronx, New York. His father ran a bar, and Jack spent much of his youth serving drinks learning a thing or two about how small businesses run.