The Bank of New York Mellon announced Monday that the CEO Gerald Hassell is retiring and stepping down immediately as CEO.
Hassell will be replaced by Charles Scharf, the former CEO of Visa.
Hassell began serving as BNY Mellon’s CEO in 2011. Prior to that, he served as president of the bank since the merger of The Bank of New York and Mellon Financial Corporation in 2007. Prior to the merger, Hassell served as president of The Bank of New York from 1998 to 2007.
According to the bank, Hassell’s departure is the culmination of a three-year plan.
“The board has selected a successor who can build on the tremendous progress Gerald Hassell has made as chairman and CEO in transforming BNY Mellon into a market-leading financial services firm,” Joseph Echevarria, lead independent director of BNY Mellon's board of directors, said.
“The board and I want to thank Gerald for his career-long dedication to BNY Mellon and congratulate him on his numerous achievements,” Echevarria continued.
“As CEO, he refreshed the company's strategy and successfully executed against a publicly-stated 2014 to 2017 three-year Investor Day plan designed to create value for the firm's clients, investors and employees,” Echevarria added. “Gerald restructured the management team, improved talent in key positions, accelerated cultural change and increased employee engagement. Overall, under Gerald's leadership, the company has delivered strong financial results and superior shareholder returns.”
In a statement, Hassell said he is pleased that the bank was able to accomplish so many of its goals during his tenure, adding that he is looking forward to Scharf’s term as CEO.
Hassell also served as the chairman of the bank’s board of directors. According to the bank, Hassell will continue to serve as chairman through Dec. 31, 2017, before Scharf takes over as chairman on Jan. 1, 2018.
According to the company, Hassell will “work closely” with Scharf during that time period to ensure a “seamless” transition.
“It has been a privilege to lead BNY Mellon over the past six years. During this period, we have strengthened our position as a global leader in investment management and investment services and have delivered consistently against our 2014 Investor Day goals,” Hassell said.
“I am enormously proud of our team and what we have achieved together,” Hassell added. “With Charlie at the helm, I know the future of the company is in good hands, and I look forward to working with him to ensure a seamless transition.”
Scharf (pictured right) joins BNY Mellon after most recently serving as CEO of Visa from October 2012 through December 2016. Prior to joining Visa, Scharf had a lengthy career in the banking business.
Scharf previously served as managing director of One Equity Partners, JPMorgan Chase’s private investment arm.
He also previously served as the CEO of retail financial services, one of JPMorgan Chase’s six lines of business.
Earlier in his career, Scharf worked for Bank One as both chief financial officer and chief executive officer of the retail division. Scharf also worked at Citigroup and its predecessor companies, serving as chief financial officer of the global corporate and investment bank immediately prior to joining Bank One.
“I am honored to have been selected and am looking forward to working with the senior management team, the board of directors, and all of the employees at BNY Mellon,” Scharf said.
“I am especially honored to follow Gerald as I have great respect for him as a person and as a leader. I look forward to his advice and counsel and will work closely with him to ensure a smooth transition,” Scharf added.
“I have long admired BNY Mellon and believe there is great opportunity to build on the momentum Gerald and the team have created. We will continue to put our clients first, remain a strong and trusted partner, and continue on our journey of defining ourselves as the premier technology platform our clients turn to for our capabilities, advice and leadership,” Scharf concluded. “We will work to continue to build the company for the long term while delivering in the short term. I couldn't be more excited to be part of the company's future.”
