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BNY Mellon CEO Quits Amid Management Disagreements

AP
Wednesday, 31 Aug 2011 | 6:39 PM ET

The CEO of BNY Mellon, the nation's sixth-largest bank, is stepping down due to disagreements over how to run the company.

Bank of New York Mellon
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Bank of New York Mellon

Robert P. Kelly will be replaced by Gerald L. Hassell, BNY's president and a longtime board member of the New York bank, whose customers are mainly large pension funds and money market funds.

Kelly has led the bank since the combination of Bank of New York and Mellon Financial in 2007. He was widely seen as a contender to take the helm at Bank of America when the nation's largest bank by assets searched for a new CEO in 2009.

BNY Mellon often operates under the radar, but made news early this month saying it will charge customers a fee to hold cash deposits over $50 million.

Shares of BNY Mellon closed at $20.67 Wednesday and fell more than 1 percent in after-hours trading. Click here to get the latest after-hours quote.

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