BNY Mellon CEO Gerald Hassell leaves post abruptly

  • Push-out Score suggests push-out forces
  • After almost six years on the job
  • Accolades, praise and thanks for Hassell
  • Charlie Scharf taking over
  • Hassell spoke at length and said 180 words

(exechange) — New York, July 17, 2017 — Gerald Hassell, chief executive of BNY Mellon, leaves the position. It is an abrupt change. As announced by The Bank of New York Mellon Corporation in a news release and in a regulatory filing published on Monday, July 17, 2017, Gerald L. Hassell leaves the post as Chief Executive Officer at the banking and financial services holding company in a surprising move after almost six years on the job, effective immediately.

Hassell leaves the company effective December 31, 2017.

Hassell’s duties are taken over by Charlie Scharf, most recently Chief Executive Officer at Visa Inc.

The fact that Hassell’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

“Culmination of the Board of Directors’ robust and long-term succession planning process”

The sudden management change is explained as follows. Gerald L. Hassell said: “Today’s announcement is the culmination of the Board of Directors’ robust and long-term succession planning process.”

Precise information about the future plans of Hassell was not immediately available.

Share price rise since May 2012

The change follows a rise in the share price of The Bank of New York Mellon Corporation since May 2012.

On the job as CEO since 2011

Gerald L. Hassell will continue to serve as Chairman of the Board through December 31, 2017, working closely with Scharf to ensure a seamless transition of responsibilities.

Gerald L. Hassell has been Chief Executive Officer of The Bank of New York Mellon Corporation since August 2011.

Hassell has spent his entire career with BNY Mellon, beginning in The Bank of New York’s management development program.

He has had direct management responsibility for the company’s broad range of investment services businesses, including asset servicing and issuer, broker-dealer, treasury and clearing services, as well as operations and technology.

He was named to The Bank of New York’s executive committee in 1994, and named president and elected to its Board of Directors in 1998.

In 2011, Hassell was named Chairman and Chief Executive Officer of BNY Mellon.

Hassell holds an MBA in finance from the New York University Stern School of Business and a BA in economics from Duke University.

Hassell is also on the Board of Directors of Comcast Corporation and the Board of Trustees of Duke University.

In addition, he is on the Board of Visitors of Columbia University Medical Center and the Board of Directors of the Lincoln Center of the Performing Arts.

He is also a member of the Financial Services Forum and is Vice Chairman of Big Brothers Big Sisters of New York City.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Gerald Hassell’s sudden move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 30.2017 ($).