Northern Trust (NTRS) is preparing for several changes to its leadership, including the retirement of vice chairman Sherry Barrat at the end of June.
Barrat has been with the company for 22 years. Prior to becoming vice chairman in 2011, she led Northern Trust’s personal financial services business globally. The unit provides asset management, estate and financial planning, private banking and family office services. The Chicago company Barrat's retirement Thursday.
Northern Trust has also named Tim Moen, head of human resources, as chief administrative officer, effective May 2. In his new role, he will focus on employee engagement while also continuing to oversee human resources and the corporate services group.
Biff Bowman, executive vice president and head of the Americas for corporate and institutional services, will take on Moen’s former job. Bowman has been with Northern Trust for almost 27 years in a number of leadership roles including chief executive of Europe, the Middle East and Africa.
David Fox Jr. will replace Bowman as the head of the Americas for corporate and institutional services on May 2. He is coming to Northern Trust from JPMorgan Chase (JPM) where he was most recently vice chairman of investment banking.