Summary
This 8-K filing from The Bank of New York Mellon Corporation (BK) announces significant changes in its executive leadership. Effective immediately, Thomas P. (Todd) Gibbons has been appointed interim Chief Executive Officer of the Company and its principal subsidiary, The Bank of New York Mellon. Mr. Gibbons, previously Vice Chairman and CEO of Clearing, Markets and Client Management, brings extensive experience to this interim role. This transition follows the unexpected resignation of Charles W. Scharf as CEO, Chairman, and director. In connection with this change, the Board has appointed Joseph J. Echevarria, an independent director, as Non-Executive Chairman. Investors should note that Mr. Gibbons' compensation for the interim CEO role has not yet been determined, and Mr. Scharf has forfeited unvested equity awards upon his departure.
Key Highlights
- 1Thomas P. (Todd) Gibbons appointed interim Chief Executive Officer (CEO) of The Bank of New York Mellon Corporation and its subsidiary.
- 2Charles W. Scharf resigned as CEO, Chairman of the Board, and director, effective September 26, 2019.
- 3Joseph J. Echevarria appointed Non-Executive Chairman of the Board.
- 4Mr. Gibbons previously served as Vice Chairman and Chief Executive Officer of Clearing, Markets and Client Management.
- 5Mr. Scharf forfeited all unvested equity and incentive awards upon his resignation.
- 6The company has waived the 90-day notice requirement for Mr. Scharf's resignation.
- 7Compensation for Mr. Gibbons as interim CEO is yet to be determined.