In a move that is likely to maintain a culture of parsimony and cost-effective acquisitions, Bank of New York Co. on Tuesday named president Thomas Renyi as next in line to replace J. Carter Bacot, the bank's 61-year-old chairman and chief executive officer.

The bank's board of directors also named Mr. Renyi chief operating officer and Alan Griffith, who now holds that job, to the post of vice chairman. Both new titles are effective immediately.

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