Valley National Corp., parent company of Valley Bank and Trust, announced that James P. Simmons, chairman and chief executive officer, will retire Feb. 5, 1990.

He will be succeeded by Richard J. Lehmann, the current president of the corporation and president and chief executive officer of Valley National Bank, who will become chairman and chief executive officer of both the corporation and Valley National Bank of Arizona.Robert F.B. Logan will join Valley National Corp. on May 1, 1989 as senior executive vice president and will become president of Valley National Corp. and president and chief operating officer of Valley National Bank of Arizona on Feb. 5.

Logan, 57, is president and chief executive officer of Alexander Hamilton Life Insurance Company of America, a life-insurance subsidiary of Household International, a diversified financial corporation.