FleetBoston ( FBF) promoted Eugene McQuade to president, a position he'll take over the roll when Chief Executive Chad Gifford becomes chairman at the end of the year. Gifford will remain CEO. McQuade, currently chief financial officer, will become president and chief operating officer, and remain in his current job until a successor is appointed. Jay Sarles was named chief administrative officer. The management restructuring comes shortly after FleetBoston closed its Roberton Stephens investment bank and amid occasional, flimsy rumors that it is losing ground and might be bought by a larger organization. It is currently the seventh largest financial holding company in the U.S. Just last week McQuade squashed rumors on a conference call about the bank being for sale due to poor growth potential and lessening respect as an independent institution. Recently, FleetBoston's shares were down 48 cents, or 1.92%, to $24.57 on the New York Stock Exchange. Once the management team's roles go into effect, McQuade will be in charge of the company's operations, and Sarles will be in charge of staff functions. McQuade has worked for the bank since 1992 and Sarles since 1968.