01—Abstract
Summary
Summary of the 8-K filed September 10, 2024. Cited figures are marked; the original filing is the authoritative source.
Northern Trust Corporation announced leadership changes in an 8-K filed September 10, 2024, with all changes effective October 1, 2024.
Peter B. Cherecwich, currently President – Asset Servicing, will become Chief Operating Officer, a newly created role focused on operational excellence, resiliency, risk management and controls, and scalable growth. Teresa Parker, most recently President – Europe, Middle East, and Africa, will defer her previously announced retirement and serve as President – Asset Servicing.
Steven L. Fradkin, currently President – Wealth Management, will become Vice Chairman, where he will seek to enhance growth initiatives and deepen connections across the client franchise. Chief Financial Officer Jason J.
Tyler will become President – Wealth Management, and David W. Fox, Jr., currently President – Global Family & Private Investment Offices, will become Chief Financial Officer.
The press release states that a successor to Fox in his current role will be named soon. Chairman and CEO Michael O'Grady framed the changes as part of the "One Northern Trust strategy designed to optimize growth, strengthen resiliency and drive productivity." The filing discloses no financial results or compensation terms for these appointments.
02—Key points
Key Highlights
- Peter B. Cherecwich becomes Chief Operating Officer, a newly created role, effective October 1, 2024.
- Teresa Parker defers her previously announced retirement to serve as President – Asset Servicing.
- Steven L. Fradkin moves from President – Wealth Management to Vice Chairman.
- Jason J. Tyler, currently CFO, will become President – Wealth Management.
- David W. Fox, Jr. will become Chief Financial Officer, and a successor for his role as President – Global Family & Private Investment Offices will be named soon.
- The changes are described by the CEO as part of the One Northern Trust strategy to optimize growth, strengthen resiliency and drive productivity.
- The filing includes biographical details for Cherecwich (age 59, President – Asset Servicing since 2017) and Fox (age 65, President – Global Family & Private Investment Offices since 2015).
03—Questions
Frequently Asked Questions
When do the leadership changes take effect?
All of the announced changes are effective October 1, 2024.
What is the new Chief Operating Officer role responsible for?
The press release says the newly created Chief Operating Officer role will focus on operational excellence and resiliency, effective risk management and controls, and scalable growth. Cherecwich is set to take this role.
Who will replace Jason Tyler as Chief Financial Officer?
David W. Fox, Jr., currently President – Global Family & Private Investment Offices, will become Chief Financial Officer. Tyler will become President – Wealth Management.
Why did Teresa Parker change her plans?
Parker will defer her previously announced retirement and serve as President – Asset Servicing. She most recently served as President – Europe, Middle East and Africa.
Who will lead the Global Family & Private Investment Offices after Fox moves to CFO?
The press release states that a successor to Fox as President – Global Family & Private Investment Offices will be named soon.
04—Continue