Northern Trust CEO Rick Waddell hands over to Mike O’Grady

  • After ten years on the job
  • Accolades, praise and thanks for Waddell
  • Waddell will remain as Chairman at Northern Trust
  • Waddell spoke at length and said 114 words

(exechange) — Chicago, Illinois, October 17, 2017 — Rick Waddell, chief executive of Northern Trust, hands over the reins. As announced by Northern Trust Corporation in a news release and in a regulatory filing published on Tuesday, October 17, 2017, Frederick H. (Rick) Waddell leaves the post as Chief Executive Officer at the financial services company after ten years on the job, effective January 01, 2018.

It is the end of an era.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, only 37 percent of the CEOs who departed over the past twelve months left after more than ten years. Overall, the average tenure of those who left was 9 years, according to data compiled by exechange.

Waddell’s duties are taken over by Mike O’Grady, currently President at Northern Trust Corporation.

“The result of a robust and deliberate succession planning process”

The management change is explained as follows. Waddell said: “Today’s announcement is the result of a robust and deliberate succession planning process undertaken by our Board of Directors.”

Waddell will remain as Chairman at Northern Trust

“Waddell, who has served as Chief Executive Officer since January 2008, will remain as Chairman of the Board, a position he has held since November 2009,” Northern Trust said.

“Stepping down”

Northern Trust said: “On October 17, 2017, Frederick H. Waddell informed the Board of Directors … of Northern Trust Corporation … that he will be stepping down from the position of Chief Executive Officer of the Corporation, effective January 1, 2018.”

Share price rise since September 2011

The change follows a rise in the share price of Northern Trust Corporation since September 2011.

On the job as CEO since 2008

Frederick H. Waddell has been the Chief Executive Officer of Northern Trust Corporation since January 1, 2008.

Frederick H. Waddell is Chairman and Chief Executive Officer of Northern Trust, one of the world’s leading asset management, asset servicing, fund administration, fiduciary and banking services firms.

Serving successful individuals, families and institutions worldwide, the Chicago-based, ‪127-year-old financial institution had $7.3 trillion in assets under custody and $1 trillion in assets under management as of June 30, 2017.

Since joining Northern Trust in 1975, Waddell has held leadership positions in commercial banking, strategic planning and Wealth Management. In March 2003, he became head of the Corporate & Institutional Services business unit and, in February 2006, was named President and Chief Operating Officer of Northern Trust.

Waddell was appointed Chief Executive Officer on January 1, 2008, and named Chairman in November 2009.

‪‪Waddell received a bachelor’s degree in government from Dartmouth College and a master’s degree in business administration from the J.L. Kellogg School of Management of Northwestern University.

Waddell is a member of the Board of Directors of AbbVie Inc., The Chicago Council on Global Affairs, Chicago Urban League, the United Way of Metropolitan Chicago, and the Financial Services Roundtable. He is President of the International Monetary Conference, Chairman of the Civic Committee of The Commercial Club and also serves as Vice Chairman of The Commercial Club.

Waddell is on the Board of Trustees of the Art Institute of Chicago, Northwestern University, the Chicago Symphony Orchestra, the Civic Federation and Northwestern Memorial Hospital.

He also serves on the Federal Advisory Council, the Trustees Committee of The Chicago Community Trust, the Global Advisory Board of the Kellogg School of Management, and is an executive advisor to the Metropolitan Planning Council.

Read the full story in the exechange report 43.2017 ($).