8-KLeadership Changes

Bank of New York Mellon Corp 8-K Report, Executive Changes (May 27, 2008)

Filed May 27, 2008For Securities:BKBK-PKBNYBNY-PK

Summary

This Form 8-K filing from The Bank of New York Mellon Corporation (BK) on May 27, 2008, primarily announces a significant change in its executive leadership. Bruce W. Van Saun will be stepping down as Chief Financial Officer (CFO) effective July 1, 2008, and will receive payments and benefits as outlined in his prior transition agreement. Concurrently, Thomas P. (Todd) Gibbons has been appointed as the new CFO, also effective July 1, 2008. Mr. Gibbons brings a wealth of experience to the role, having served as Senior Executive Vice President and Chief Risk Officer for the combined entity since its formation in July 2007, and holding previous senior financial and risk management positions at The Bank of New York Company, Inc. This transition signals a change in financial stewardship at a key moment for the company following its recent merger.

Key Highlights

  • 1Bruce W. Van Saun is departing as Chief Financial Officer (CFO) of The Bank of New York Mellon Corporation, effective July 1, 2008.
  • 2Mr. Van Saun will be entitled to payments and benefits under his existing Transition Agreement with The Bank of New York Company, Inc.
  • 3Thomas P. (Todd) Gibbons has been appointed as the new CFO, effective July 1, 2008.
  • 4Mr. Gibbons has served as Senior Executive Vice President and Chief Risk Officer for the combined company since the July 1, 2007 merger.
  • 5Mr. Gibbons has extensive prior experience, including serving as CFO of The Bank of New York Company, Inc. from September 2006 to June 2007.
  • 6The filing confirms the effective dates for both the departure of the current CFO and the appointment of the new CFO.

Frequently Asked Questions

The filing states that Bruce W. Van Saun will cease to serve as Chief Financial Officer. While the specific reasons for his departure are not detailed, it is noted that he will receive payments and benefits as per his existing Transition Agreement.

Thomas P. (Todd) Gibbons will become the new Chief Financial Officer, effective July 1, 2008. He has a strong background within the company, most recently as Senior Executive Vice President and Chief Risk Officer.

Todd Gibbons, age 51, has a comprehensive financial and risk management background. He has served as Senior Executive Vice President and Chief Risk Officer for The Bank of New York Mellon Corporation since its merger. Prior to that, he held senior roles at The Bank of New York Company, Inc., including Chief Financial Officer from September 2006 to June 2007.

Both Bruce W. Van Saun's departure as CFO and Thomas P. (Todd) Gibbons' appointment as the new CFO are effective on July 1, 2008.