J.P. Morgan Chase Hires Hewlett-Packard’s Former CAO Peter Bocian

Published on July 11, 2011
by Arik Hesseldahl

J.P. Morgan just confirmed that it has hired former Hewlett-Packard Chief Administrative Officer Peter Bocian, according to an internal J.P. Morgan memo obtained by The Wall Street Journal.

AllThingsD exclusively reported Bocian’s departure ahead of a wider management shakeup on June 13. Initially, I had reported that he was bound for J.P. Morgan Chase, but then learned that Bocian’s talks with that firm weren’t finalized, so I stepped back and opted to say he was heading to an investment bank. Clearly, though, my source was correct, if a tad wobbly on that particular aspect of his or her information in the middle of what was then a fluid situation.

Bocian’s departure was announced on the same day as those of CIO Randy Mott and executive vice president Ann Livermore, though Livermore joined HP’s board of directors. That same day Dave Donatelli, executive vice president and general manager of Enterprise Servers, Storage and Networking, effectively took over Livermore’s job and was promoted to a position reporting directly to CEO Léo Apotheker. Bill Veghte, executive vice president for software, was similarly promoted, as was Jan Zadak, the recently appointed executive vice president for Global Sales.

Bocian’s title will be Executive Vice President, Head of Corporate Services and Finance and he’ll be reporting to Frank Bisignano and Doug Braunstein. Bocian will sit on the executive committee, will manage corporate real estate, procurement, and finance. He’ll have four executives reporting to him. He’ll be starting at the new job this week.

Bocian is a 20-year veteran of NCR, and spent three of those years as its CFO, where he worked for Mark Hurd, the former CEO both of NCR and HP, and now a co-president at Oracle.

The internal memo from Bisignano and Braunstein at J.P. Morgan, which I borrowed from The Journal, is below.

We are very pleased to announce that Pete Bocian will join JPMorgan Chase as an Executive Vice President, Head of Corporate Services and Finance, reporting jointly to us. In this role, Pete will manage Firmwide Real Estate, General Services & Procurement, and Finance for the CAO organization. He will be a member of the Executive Committee and our individual management teams.

The following executives will report to Pete: David Arena, Kim Bertin, Rich Buccarelli, Jim Foster and Bill Kager.

We’re excited to have him as part of our senior team. He has served as the Chief Administrative Officer and Chief Financial Officer at some of the largest, most admired global companies, and has experience in technology, retail, and financial branch automation. Since late 2008, he has been CAO of Hewlett Packard, and previously was an EVP, CFO and CAO of Starbucks. He also spent over 20 years with NCR Corporation, with the last three as CFO. He received an MBA in accounting from Michigan State University, and is also a veteran of the United States Navy.

Throughout his career, Pete has a proven track record of success across multiple industries in managing complexity and change with a focus on business results and operational efficiency. We know we will all learn a lot from him and look forward to having his experience and judgment at our management tables.

He starts this week. Please join us in welcoming Pete to JPMorgan Chase.

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