The Bank of New York Mellon Corporation (BNY Mellon) announced Thomas P. (Todd) Gibbons, a 30-year veteran of the company, has been appointed by the Board of Directors as interim Chief Executive Officer and a member of the Board, effective immediately.
Gibbons succeeds Charles W. Scharf, who informed the Board of his decision to step down from his CEO and Board roles. Joseph Echevarria, a member of BNY Mellon's Board of Directors since February 2015 and Lead Independent Director, has been appointed Non-Executive Chairman of the Board.
As reported by ABL Advisor, Scharf was named President and CEO of Wells Fargo & Company effective Oct. 21.
Echevarria said, "On behalf of the Board of Directors, we thank Charlie for his contributions to BNY Mellon. We look forward to the continuity provided by Todd's appointment. Todd is an accomplished and respected leader who is well known to all of our stakeholders. He has been a driving force behind the development and execution of our strategic vision and transformation, and that will continue."
Gibbons served for nine years as BNY Mellon's Chief Financial Officer and most recently as Vice Chairman and CEO of Clearing, Markets and Client Management, where he oversaw the Pershing clearing business; the trading, financing, collateral and liquidity management solutions delivered through the Markets business; treasury services and commercial payment activities; the U.S. government securities clearance and U.S. tri-party repo businesses delivered through BNY Mellon Government Securities Services Corp; credit services; global client management; and regional area management. Under his leadership, these businesses have experienced growth and strong performance.
Gibbons said, "I firmly believe that our long-term strategy will continue to position the company as a leader. While we have made significant progress in the last few years, we must continue to drive improved performance and innovation across the company. I am committed to working with our team to execute on our plans for the benefit of all of our stakeholders. As always, we will put our clients first, remain a strong and trusted partner, enhance our diverse and inclusive culture, and define BNY Mellon as the employer of choice."