Dive Brief:
- BNY Mellon CEO Todd Gibbons will retire Aug. 31, the bank said in a press release Thursday.
- Gibbons has served as CEO since September 2019, when he took the reins of the bank as interim chief executive after former CEO Charlie Scharf stepped down to head Wells Fargo.
- Gibbons will be succeeded as chief executive by Robin Vince, the current vice chair of BNY Mellon and CEO of global market infrastructure. Vince, a former Goldman Sachs exec, joined BNY Mellon in October 2020.
Dive Insight:
Gibbons has worked at BNY Mellon since 1986. He served as the bank’s CFO from 2008 to 2017, and spent six years each as the bank’s chief risk policy officer and head of global treasury, according to his LinkedIn profile. Immediately before being named interim CEO, Gibbons was vice chairman and CEO of clearing, markets and client management for the bank.
“Today's announcement is the culmination of the Board and Todd's well-planned, thorough and orderly succession process to ensure continuity of leadership and BNY Mellon's continued success,” Joseph Echevarria, independent chair of the bank's board, said in Thursday's release.
After 36 years with BNY Mellon, Gibbons will step down from his positions as CEO and a member of the board of directors in August.
Gibbons' ascent to permanent CEO was solidified in March 2020, just as stocks plunged in the face of the emergent COVID-19 pandemic.
Now 65 years old, Gibbons is looking to pass the executive baton to a key hire he brought aboard the bank.
Vince joined BNY Mellon in October 2020. Prior to that, Vince spent 26 years at Goldman Sachs, where he served as chief risk officer.
Vince retired from Goldman in 2019, according to The Wall Street Journal. He will serve as president and CEO-elect of the company until Gibbons officially steps down, according to the press release.
"Since he joined BNY Mellon in 2020, Robin has made significant contributions to the business, and demonstrated a rigorous approach to strategy, execution and serving clients,” Echevarria said. “Robin brings a global perspective and an exceptional understanding of capital markets, coupled with a strong commercial orientation and a wealth of experience."
Like his predecessor, Vince is stepping into the role of CEO amid a period of market uncertainty, as inflation surges and Western nations sanction Russia over the war in Ukraine.
BNY Mellon stock has dropped 10% this year, according to Reuters. BNY Mellon oversaw $2.4 trillion in assets under management as of Dec. 31, the bank said.
"BNY Mellon plays a critical role in the global financial system, and it is our spirit of innovation, deep client relationships and culture that differentiate the company," Vince said. "I look forward to leading this historic institution ... with a rigorous approach to driving further organic growth and creating value for all stakeholders."
