Bank of New York-Mellon’s chief executive and chairman, Robert P. Kelly, has stepped down, the bank said on Wednesday, citing “differences in approaches to managing the company.”
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Gerald L. Hassell Named Chairman and Chief Executive Officer of BNY Mellon
Robert P. Kelly Steps Down As Chairman and CEO
NEW YORK, Aug. 31, 2011 /PRNewswire/ — BNY Mellon, the global leader in investment management and investment services, today announced that Gerald L. Hassell, BNY Mellon’s president and a board member since 1998, has been appointed chairman and chief executive officer of the company, effective immediately. Hassell also continues as BNY Mellon’s president. Robert P. Kelly has stepped down as chairman, chief executive officer and director by mutual agreement with the board of directors, due to differences in approach to managing the company.
“Gerald is ideally positioned to guide BNY Mellon through the next phase of its growth and to bring it to its full potential,” said Wesley W. von Schack, lead director of BNY Mellon. “Over the course of his more than three-decade tenure with BNY Mellon and its predecessor company, The Bank of New York, Gerald has led nearly every major division of the company, has been a key decision maker on every major business action, executive hire and promotion in the merged company, and has served on its board of directors. He brings a broad and deep knowledge of our operations, our clients, our industry and our culture to his new roles. As the executive currently overseeing our investment services business and our global client management function, and given his extensive and long-standing relationships with investment management clients, Gerald is exceptionally well-suited to ensure BNY Mellon maintains and strengthens its role as a global market leader,” von Schack continued.
“I am pleased to accept these new roles and am excited about the strong growth prospects for our company,” said Hassell. “When we help clients succeed, we drive value for our shareholders. I look forward to working with our outstanding management team and employees to capitalize on BNY Mellon’s extensive opportunities.”
“We are grateful to Bob Kelly for his leadership and the contributions he made to the company during his tenure as CEO,” said von Schack. “He played a key role in the integration of The Bank of New York and Mellon Financial following the merger and helped navigate the company through the financial crisis, securing its position as the world’s leading provider of investment management and investment services. Bob Kelly is a person of the highest integrity and we wish him the best in his future pursuits.”
“It has been an honor to serve BNY Mellon, its management team and its employees during the past four years,” said Kelly. “We have navigated tremendously difficult markets and built one of the world’s premier financial institutions. I am confident that under Gerald’s leadership of the firm’s strong management team, BNY Mellon will continue to flourish going forward.”
Background on Gerald L. Hassell
Since joining The Bank of New York’s management development program more than three decades ago, Gerald Hassell has had direct management responsibility for the company’s broad range of investment services businesses, including asset servicing and issuer, broker-dealer, treasury and clearing services. He also oversees client management across the company’s global businesses, as well as operations and technology. He was named to The Bank of New York’s executive committee in 1994, and named president and elected to its Board of Directors in 1998.
Mr. Hassell holds an MBA in finance from the New York University Stern School of Business and a BA in economics from Duke University.
Mr. Hassell is also on the Board of Directors of Comcast Corporation. Until recently he chaired the Board of Visitors of The Fuqua School of Business at Duke University and now serves on the Board of Trustees of Duke University. In addition he is on the Board of Visitors of Columbia University Medical Center and the boards of the New York Philharmonic, the Economic Club of New York and the National September 11 Memorial & Museum. He is also a member of The Financial Services Roundtable and Financial Services Forum and is Vice Chairman of Big Brothers Big Sisters of New York.
About BNY Mellon
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $26.3 trillion in assets under custody and administration and $1.3 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.7 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE:BK – News). Additional information is available at www.bnymellon.com.
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Yes, Kelly was probably given a choice to save ‘face’ in the BNY takeover.
Note today’s story from AP:
“2nd U.S. Circuit Court of Appeals concluded that a trustee’s calculation of the investors’ losses was legally sound.”
Madoff investors can’t recoup fake profits.” Translate this to fake investment products hawked by banks like B of A, Countrywide, Chase, Citi, Wells Fargo to insurers and investment banks like BNYMellon, Deutsche, AIG and others as “sound” products that grow in value either through amortized interest or escalation of market value.
Neither should investors expect more than initial dollar investment or better still subject to today’s underwater market value for these flawed products. Banks are being sued now for their deception against investor banks in civil court as in major suits by AIG and BNYM. Perhaps if they get to actual trial, which I doubt, we might find something helpful for homeowners if SOL has not expired..
Bloomberg is also reporting this and there was a disagreement between the CEO and some board members..My take is these banks know they are all in alot of trouble and reality is sinking in. Foreclosuregate is failing. They are raining cats and dogs of mortgage fraud as someone at CNBC said about BOFA last week…too much liability.. If the Government does anything else to help them at this point it is going to get out and the people are going to go ape shit and Foreclosuregate is going to blow up in a big way…!!!! MAKE WALL STREET PAY!!!
The message here is you either quit or retire, or we’re going to fire you.
One too many lawsuits against the bank?
That’s no lateral move, that’s a boot out the door!