BNY Mellon CEO Hassell has got to go: Activist

BNY Mellon responds to Marcato
BNY Mellon CEO Hassell has got to go: Activist
McGuire takes on BNY Mellon

The activist investor Marcato Capital Management on Tuesday demanded the replacement of the CEO of Bank of New York Mellon, Gerald Hassell, as part of what it argued was a much-needed, wholesale reconsideration of BNY's operations, priorities and brand management.

The current leadership at BNY, wrote Marcato founder Mick McGuire in a March 10 letter to the bank's lead director, "does not recognize the magnitude of inefficiency at the company or the opportunities to drive growth and has little appetite to take the necessary actions to ignite real change."

Given the current management team's long-average tenure at BNY, McGuire added, "We doubt that meaningful progress will be achieved without new executive talent." Earlier in the letter, he noted that such change "starts with the CEO."