Mellon Bank Corp., Pittsburgh, announced executive changes Thursday at Boston Co., its high-net-worth and institutional investment subsidiary.
David F. Lamere, 38, was appointed chairman and James P. Palermo, 43, was named president of the Boston-based unit.
Mr. Lamere succeeds W. Keith Smith, a bank vice chairman and chairman of Boston Co. Mr. Smith retired last month.
Mr. Palermo succeeds Lawrence S. Kash, now a vice chairman at Dreyfus Corp., New York.
Mr. Lamere will continue to head Mellon Private Asset Management, which manages and administers more than $80 billion of assets. Mr. Palermo will still captain Global Securities Services, the institutional trust and custody arm of Mellon, which administers about $1.8 trillion of assets.
The appointments came after a reshuffling of the banking company's top leadership under new chairman Martin G. McGuinn. Mr. McGuinn succeeded Frank V. Cahouet, who retired Dec. 31.
In addition, Ronald P. O'Hanley, 41, was appointed to oversee Buck Consultants Inc., Mellon's New York-based global benefits consulting firm. Mr. Smith had overseen Buck Consultants.
Mr. O'Hanley will continue to head Dreyfus Institutional Investors, which manages more than $235 billion of assets. He also heads Mellon's international asset management arm, Dreyfus Global Investors.
This week Mellon announced that it would shed its mortgage, credit card, and transaction processing businesses in part to concentrate on its profitable investments area. Mr. O'Hanley said Thursday that these announcements were "natural steps" in the company's focus on businesses that generate higher fee income.