Northern Trust (NTRS) in Chicago has named a new chief financial officer and split the roles of president and chief operating officer as part of series of leadership changes that will take effect on Sept. 1.
The $105.7 billion-asset company said Tuesday that the current CFO, Michael O'Grady, will take over as president of corporate and institutional services on Sept. 1 and that its current head of human resources, S. Biff Bowman, will become CFO.
It also announced in the news release that William L. Morrison, who has served as president and COO since 2011, is relinquishing the COO title to focus on "driving business growth." As president, Morrison will oversee wealth management, asset management, corporate and institutional services and corporate marketing and strategy.
Replacing Morrison as COO will be the bank's current head of wealth management, Jana Schreuder. In her new role she will oversee the bank's operations, technology and the enterprise change teams. The current head of corporate and institutional services, Steven L. Fradkin, will assume the role of president of wealth management.
"These appointments sharpen our organization's focus on sustainable profitable growth in a highly competitive market and challenging macroeconomic conditions," Frederick H. Waddell, Northern Trust's chairman and chief executive officer, said in the news release.
On Wednesday, Northern Trust reported earnings of $181.9 million for the second quarter, down 5% from the same period a year earlier. The company attributed the decline in part to severance related charges of $25.5 million and other pre-tax charges and write-offs.
Overall, revenue climbed 6% year over year, to $1.08 billion, on higher net interest income and gains in trust, investment and servicing fees.
Northern Trust's shares were trading at $64.25 midday Wednesday, down 0.4% from Tuesday's closing price.