Of Special Interest
2nd September 2011
BNY Mellon replaces CEO
The board of Bank of New York Mellon has appointed Gerald Hassell Chairman and Chief Executive replacing Robert Kelly. The bank has openly stated that the replacement of Kelly was "due to differences in approach to managing the company". Hassell was previously President.
"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."
The board move surprised many in the market. Kelly was generally respected and even tipped as a possible future CEO of one of the larger US banks. There were no insiders desperate to 'dish any dirt' on Kelly at the time of writing either. BNY Mellon has been the subject of a small number of recent law suits and its performance has not been outstanding, however the scale of these issues would not normally have led to such a decision.