01—Abstract
Summary
Summary of the 8-K filed September 29, 2026. Cited figures are marked; the original filing is the authoritative source.
Northern Trust Corporation filed an 8-K on September 29, 2026 to disclose that Chief Financial Officer David W.
Fox, Jr. plans to retire. He informed the company on September 28, 2026 that he intends to retire effective on or around March 31, 2027. The company plans to conduct a search for its next Chief Financial Officer in preparation for the retirement.
According to the accompanying press release (Exhibit 99.1), Fox intends to remain in his role through the end of the first quarter of 2027 to support an orderly transition. During this period, he is expected to continue leading Finance and work with Michael O'Grady, chairman and chief executive officer, and the leadership team to maintain continuity across financial, regulatory, investor and strategic priorities. The search will be comprehensive, covering both internal and external candidates.
The press release describes Fox's background, including his tenure at Northern Trust since 2012, his roles overseeing global financial strategy as CFO and leading wealth management and institutional businesses earlier, and more than 25 years at JPMorgan before joining the firm. The release also notes that as of June 30, 2026, Northern Trust had assets under custody/administration of US$20.0 trilliona and assets under management of US$2.0 trillion.
02—Key points
Key Highlights
- CFO David W. Fox, Jr. plans to retire, effective on or around March 31, 2027.
- Fox informed the company on September 28, 2026 and will remain in his role through the end of the first quarter of 2027 to support an orderly transition.
- Northern Trust plans a comprehensive internal and external search for its next Chief Financial Officer.
- During the transition, Fox is expected to continue leading Finance and work with Chairman and CEO Michael O'Grady and the leadership team.
- O'Grady credited Fox with strengthening the firm's judgment, discipline and financial stewardship and helping advance its strategy.
- Fox joined Northern Trust in 2012 and previously spent more than 25 years at JPMorgan.
- As of June 30, 2026, Northern Trust reported assets under custody/administration of US$20.0 trillion and assets under management of US$2.0 trillion.
03—Questions
Frequently Asked Questions
Why is the CFO leaving Northern Trust?
The filing and press release state that David W. Fox, Jr. has announced his retirement after a long and distinguished career in financial services. No other reason is given.
When will the CFO transition take effect?
Fox plans to retire effective on or around March 31, 2027, and intends to remain in his role through the end of the first quarter of 2027 to support an orderly transition.
Who will lead finance during the transition?
The press release states that Fox is expected to continue to lead Finance during the transition, working closely with Chairman and CEO Michael O'Grady and the leadership team.
How will Northern Trust select a new CFO?
The company plans to conduct a comprehensive internal and external search for its next Chief Financial Officer. The filing does not name any candidates.
What was Fox's role before becoming CFO?
Fox served as President of Global Family and Private Investment Offices and as Executive Vice President and Head of the Americas for Corporate & Institutional Services, where he helped advance wealth management and institutional businesses. Before joining Northern Trust, he spent more than 25 years at JPMorgan.
04—Continue