Bank of New York Mellon said Todd Gibbons, who had been serving as interim chief executive, was appointed CEO effective immediately.
Gibbons had been in the position on an interim basis since September, when his predecessor, Charlie Scharf, left to become CEO of Wells Fargo. Joseph Echevarria, a member of BNY Mellon’s board since February 2015, will continue to serve as independent chairman, the company said Monday.
“The board conducted a comprehensive search process over a number of months, and we concluded he is the right person for the job,” Echevarria said in a news release. “Todd is an accomplished and respected leader who is well known to all of our stakeholders, with a deep connection to the company and its client base.”
Scharf’s abrupt departure left BNY Mellon without a long-term leader and little clarity on strategy at a time when declining interest rates and a shift from active to passive investing are putting increasing pressure on the bank’s profits.
Before being named interim CEO, Gibbons was vice chairman and CEO of clearing, markets and client management, a role that oversees about half of BNY Mellon’s earnings. He was previously the bank’s chief financial officer for nine years and chief risk policy officer for six years.
