US - Robert Kelly has been appointed chairman, president and chief executive officer of the Mellon Financial Corporation, succeeding current chairman and CEO Martin McGuinn.
Kelly, currently chief financial officer and senior executive vice president of bank holding company Wachovia Corporation, will relocate to Mellon’s Pittsburgh headquarters on 13 February.
An extensive internal and external search process was initiated for the post last September in connection with the succession of McGuinn, who will retire on Kelly’s arrival.
McGuinn said: “Bob Kelly has a proven track record and will hit the ground running, as such there is no need for a transition process.”
Lead director James Orr said the entire board wished to thank Marty McGuinn for his stewardship of the company.
Before his stint at the Wachovia Corporation Kelly spent 19 years with a major Canadian bank and has a background in retail brokerage and banking and securities trading. He is also a chartered accountant.
In related news, Global Pensions previously reported that Thomas Loeb, co-founder of subsidiary Mellon Capital Management, was to step down from his position as CEO at the end of 2005.
Charlie Jacklin, president of the San Francisco-based investment manager, was in line to take up his position from 1 January 2006, in addition to his current role as president.
Mellon has approximately $4.7trn in assets under management, administration or custody.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.