Summary
This 8-K filing from The Bank of New York Mellon Corporation (BK) primarily announces a significant leadership change within its Investment Management division. Curtis Y. Arledge, Vice Chairman and CEO of Investment Management, is departing the company to pursue external opportunities. His departure triggers severance benefits in accordance with the company's Executive Severance Plan. In conjunction with this announcement and as part of its 2016 executive compensation program adjustments, BK also amended its Executive Severance Plan. The amendment clarifies that long-term incentive compensation will not be included in severance calculations, with the exception of time-vested equity compensation, which has historically been part of annual incentives. The filing also includes a press release detailing the appointment of Mitchell Harris as the new CEO of Investment Management, succeeding Mr. Arledge.
Key Highlights
- 1Departure of Curtis Y. Arledge, Vice Chairman and CEO of Investment Management.
- 2Arledge will receive severance benefits consistent with the Executive Severance Plan.
- 3Amendment to the Executive Severance Plan to exclude long-term incentive compensation from severance calculations (excluding time-vested equity).
- 4Clarification of executive compensation structure for the 2016 performance year.
- 5Appointment of Mitchell Harris as the new CEO of Investment Management, succeeding Arledge.
- 6Press release regarding the leadership transition attached as Exhibit 99.1.
- 7The filing is dated February 22, 2016, with the event date of Arledge's departure being February 23, 2016.