Summary
Bank of New York Mellon Corporation (BK) announced a significant leadership change in its finance department via an 8-K filing dated July 6, 2022. The company has appointed Dermot McDonogh as the new Chief Financial Officer (CFO), effective February 1, 2023. Mr. McDonogh, who joins the company on November 1, 2022, brings extensive experience, most recently serving as Chief Operating Officer for Goldman Sachs' EMEA region. This appointment marks a transition from Emily Portney, who has held the CFO role since July 2020 and will move to lead key business lines including Treasury Services, Credit Services, and Clearance & Collateral Management. The filing also details Mr. McDonogh's compensation package, which includes a base salary of $600,000, a minimum 2022 incentive award of $5,000,000 (delivered in cash, RSUs, and performance shares), and potential buyout awards up to $16,500,000 in cash and RSUs. These compensation arrangements are subject to the company's existing executive compensation program, clawback policies, and severance plan, all previously detailed in the company's proxy statements.
Key Highlights
- 1Dermot McDonogh appointed as the new Chief Financial Officer (CFO), effective February 1, 2023.
- 2Emily Portney will transition from CFO to lead Treasury Services, Credit Services, and Clearance & Collateral Management.
- 3Mr. McDonogh joins the company on November 1, 2022, and brings prior experience from Goldman Sachs.
- 4New CFO's compensation includes a $600,000 annual base salary.
- 52022 incentive award for the new CFO is a minimum of $5,000,000, structured with cash, RSUs, and performance shares.
- 6Potential buyout awards for the new CFO could reach up to $16,500,000, comprising cash and RSUs.