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Peter A. Cohen resigned Tuesday as chairman and chief executive officer of struggling Shearson Lehman Hutton Inc., completing a drastic overhaul of the nation's second-largest brokerage.

A Shearson spokesman said Cohen, 43, would be replaced as chief executive by Howard L. Clark Jr., a senior executive at Shearson parent American Express Co.

Cohen had come under increasing pressure from American Express to improve business in a difficult period in the nation's securities industry.

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