Thomas A. Renyi will become chief executive officer of Bank of New York Co. on July 1.

The move is a step in the "orderly transition" toward chairman J. Carter Bacot's retirement, said a spokesman.

Mr. Bacot is now CEO as well. In 1994, when he first revealed his plans to retire, Mr. Renyi became his designated successor.

Mr. Renyi, 51, is president of the holding company and CEO and president of its main operating subsidiary.

Mr. Bacot said he will retire next February.

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