8-KLeadership Changes

Bank of New York Mellon Corp 8-K Report, Executive Changes (Aug 17, 2010)

Filed August 17, 2010For Securities:BKBK-PKBNYBNY-PK

Summary

This 8-K filing from The Bank of New York Mellon Corporation (BK), dated August 17, 2010, primarily reports on executive compensation and severance arrangements. The most significant event detailed is the waiver of existing change-in-control severance agreements by several named executive officers, including Robert P. Kelly, Thomas P. Gibbons, Gerald L. Hassell, and Steven G. Elliott. These executives have transitioned from their individual change-in-control agreements to participate in the broader BNY Mellon Executive Severance Plan. This change, effective August 12, 2010, impacts how these key individuals would be compensated in the event of specific corporate control changes. Investors should note this shift as it standardizes severance provisions for these officers under a company-wide plan, potentially altering the financial implications of future change-in-control scenarios.

Key Highlights

  • 1Key named executive officers have waived their existing change-in-control severance agreements.
  • 2The waiver is effective as of August 12, 2010.
  • 3Affected executives will now participate in BNY Mellon's Executive Severance Plan.
  • 4This change applies to Robert P. Kelly, Thomas P. Gibbons, Gerald L. Hassell, and Steven G. Elliott.
  • 5The move standardizes severance arrangements for these officers under a company-wide plan.
  • 6The filing does not disclose specific financial terms of the new Executive Severance Plan, referencing a prior filing (July 16, 2010) for details.
  • 7This action was formally reported on August 16, 2010, with an event date of August 11, 2010.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report the waiver of existing change-in-control severance agreements by several named executive officers of BNY Mellon and their subsequent participation in the company's Executive Severance Plan.

The executives affected are Robert P. Kelly, Thomas P. Gibbons, Gerald L. Hassell, and Steven G. Elliott, who are identified as named executive officers of BNY Mellon.

By waiving their individual agreements, these executives are moving to a standardized Executive Severance Plan. This means their severance benefits in the event of a change in control will now be governed by the terms of this company-wide plan, rather than their prior, potentially different, individual agreements.

The filing indicates that details of the BNY Mellon Executive Severance Plan can be found in Exhibit 99.1 of the Form 8-K filed by BNY Mellon on July 16, 2010.