H&Q’s Case quits as CEO
following brain surgery

The isle-born brother of AOL's Steve Case
will stay as chairman after having
a malignant tumor removed

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By Peter Sinton
San Francisco Chronicle

SAN FRANCISCO -- Investment banker Daniel Case, 43, stepped down as chief executive officer of JPMorgan H&Q Monday, five weeks after surgery to remove a malignant brain tumor.

The news was disclosed at the start of the company's annual five-day technology conference, which began Monday at the Westin St. Francis Hotel in San Francisco. The conference features 400 companies, including AOL Time Warner, which is run by Case's younger brother, Steve. The Cases' father, also named Dan, is a Honolulu attorney.

Dan Case retains his title of chairman of the former Hambrecht & Quist investment bank, which was acquired in 1999 by Chase Manhattan Corp., which then merged with J.P. Morgan last year.

He continues to work part time and is looking forward to a complete recovery after successful surgery March 23 at the University of California at San Francisco Medical Center and daily radiation sessions.

Case's colleagues also are optimistic.

"Dan is under treatment but is fine," said Cristina Morgan, who Monday was named vice chairman of J.P. Morgan Chase & Co.'s investment banking unit. Although the usually indefatigable Case is sometimes tired, Morgan said, "He seems as good as new. I think he's talking faster than ever."

Case was on the phone the day after his surgery, returned home six days later and quickly returned to work part time.

He plans to meet with some of the companies making presentations at the 29th annual technology conference and tomorrow is scheduled to introduce brother Steve as luncheon speaker.

Growing up in Honolulu, the eldest pair of four children showed entrepreneurial flair from the time they set up their first lemonade stand. Dan had the nickname "Upper Case," Steve "Lower Case."

After receiving a B.A. at Princeton and becoming a Rhodes scholar, Dan Case went to work for San Francisco's Hambrecht & Quist investment banking boutique as an intern to co-founder William Hambrecht.

Case thrived, becoming co-director of mergers and acquisitions in 1986, managing director of investment banking in 1987, executive VP in 1989, president and co-CEO in 1992, sole CEO two years later and chairman in 1998.

For the time being, the investment banking unit will operate without a CEO.

Morgan said Case "is applying the same drive and prodigious problem-solving skills" to attacking his illness as he has to doing deals and building companies.