8-KLeadership Changes

Bank of New York Mellon Corp 8-K Report, Executive Changes (Feb 24, 2015)

Filed February 24, 2015For Securities:BKBK-PKBNYBNY-PK

Summary

This Form 8-K filing by The Bank of New York Mellon Corporation (BK) on February 24, 2015, reports a change in its principal accounting officer. The primary purpose of this filing is to inform investors about the temporary appointment of Kurtis R. Kurimsky as Acting Controller and principal accounting officer. This appointment is due to the medical leave of absence of the current Controller, John A. Park. Mr. Kurimsky, who joined BNY Mellon in May 2014 as Deputy Controller, brings relevant experience from his previous role and his tenure as a partner at KPMG LLP. Investors should note that this is a temporary situation and does not indicate any underlying issues with the company's financial reporting beyond the need for temporary leadership.

Key Highlights

  • 1Kurtis R. Kurimsky appointed Acting Controller and principal accounting officer, effective February 24, 2015.
  • 2The appointment is a temporary measure due to the medical leave of absence of the current Controller, John A. Park.
  • 3Mr. Kurimsky previously served as Deputy Controller since May 2014.
  • 4Mr. Kurimsky has prior experience as a partner in the Financial Services Practice at KPMG LLP.
  • 5This filing is classified under Item 5.02 of Form 8-K, pertaining to departures and appointments of officers.
  • 6The company has taken steps to ensure continuity in its principal accounting officer role during Mr. Park's absence.

Frequently Asked Questions

The change is due to the current Controller, John A. Park, taking a medical leave of absence. Kurtis R. Kurimsky has been appointed as the Acting Controller to temporarily assume these duties.

No, Mr. Kurimsky has been appointed as the 'Acting' Controller. This suggests his role is temporary, to cover the period of Mr. Park's medical leave of absence.

Mr. Kurimsky joined BNY Mellon in May 2014 as Deputy Controller, where he was responsible for external reporting, technical accounting, and line of business accounting. Before joining the company, he was a partner in the Financial Services Practice at KPMG LLP.

Based on the filing, the change is explicitly stated as being due to a medical leave of absence. There is no information provided in this 8-K that suggests financial irregularities. The appointment of Mr. Kurimsky is a standard procedure to ensure continuity in financial oversight.