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.