September 01, 2011

Bank of New York Mellon has replaced its chief executive of the past four years, the company announced late yesterday.

The bank said that CEO Robert Kelly is stepping down and being replaced by Gerald L. Hassell, BNY Mellon's president and a board member since 1998. Kelly is being replaced "due to differences in approach to managing the company," the bank said. Hassell will also remain as president of the company.

"We are grateful to Bob Kelly for his leadership and the contributions he made to the company during his tenure as CEO," said Wesley von Schack, lead director of BNY Mellon in a written statement. "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."

Hassell has previously had management responsibility for the company's 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. Hassell also sits on the board of directors for Comcast Corporation.

"I am pleased to accept these new roles and am excited about the strong growth prospects for our company," said Hassell in a statement.

ABOUT THE AUTHOR
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as ...