Bank of New York Mellon Corp. said Bruce Van Saun, its chief financial officer, is leaving the company to "pursue new leadership opportunities."
Mr. Van Saun joined Bank of New York Co. in 1997. After it completed its merger of equals with Mellon Financial Corp. last year, Mr. Van Saun agreed to be Bank of New York Mellon's CFO.
Thomas P. "Todd" Gibbons, its chief risk officer, will succeed him after a transition period, the New York company said Tuesday.
Before the deal, Mr. Van Saun had run Bank of New York's asset management and market-related businesses for two years.
Analysts said they were not surprised by his decision to leave, since he may have outgrown the CFO position. Gerard Cassidy, an analyst with Royal Bank of Canada's RBC Capital Markets, said in an interview Tuesday that Mr. Van Saun had been considered a "leading candidate" to succeed Thomas Renyi as BNY Mellon's president.
"Of all the senior executives at Bank of New York, we always felt that Bruce Van Saun was going to leave to find a place where he could be a CEO somewhere," Mr. Cassidy said. "With Bob Kelly in that role at BNY Mellon, Bruce was never not to get the corner office."
There will be plenty of opportunities for Mr. Van Saun, "because of the turmoil in the investment banking and brokerage industry," Mr. Cassidy said. He would be surprised if Mr. Van Saun surfaced at a commercial bank.
The executive would be a good fit at a "nontraditional depository institution," Mr. Cassidy said. "Bruce built his reputation during the transition, and that is a good skill set to have at this time."
Brian G. Rogan, the chief executive of Bank of New York Mellon's issuer, treasury, and broker-dealer services, will succeed Mr. Gibbons as its chief risk officer. Mr. Gibbons joined Bank of New York nearly 10 years ago and was its CFO before the deal with Mellon.
Karen B. Peetz, the CEO of global corporate trust at Bank of New York Mellon, will succeed Mr. Rogan, who joined Bank of New York in 1981. Ms. Peetz joined Bank of New York in 1998.
The promotions will take effect July 1. Bank of New York Mellon has not named a successor for Ms. Peetz. It has more than $23 trillion of assets under custody and more than $1.1 trillion under management.
