Bank of New York Mellon CEO Todd Gibbons is retiring from the trust bank on Aug. 31 after three years at the helm.
Vice Chair Robin Vince, who leads the global market infrastructure division, will succeed Gibbons as chief executive, BNY Mellon said in a news release Thursday. Vince was immediately named president, also, and will hold the title of CEO-elect during the transition period.
Vince, who joined the $444 billion-asset BNY Mellon in October 2020, previously spent 26 years at Goldman Sachs and held top several top roles there, including chief risk officer and treasurer.
"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,” Joseph Echevarria, the board’s independent chair, said in the release.
Gibbons joined BNY Mellon in 1986 and took over in 2019 after then-CEO Charlie Scharf left to take the top job at Wells Fargo. He was previously BNY Mellon’s vice chair and CEO of clearing, markets and client management, and he also has been the company’s chief financial officer and chief risk policy officer.
The announcement is the “culmination of the board and Todd's well-planned, thorough and orderly succession process to ensure continuity of leadership,” Echevarria said. He thanked Gibbons for his “outstanding leadership” throughout the pandemic and said he was “instrumental in building BNY Mellon into the institution it is today."
“As I prepare to retire, I cannot think of a better person than Robin to ensure the company capitalizes on the broad range of opportunities ahead as the industry continues to evolve,” Gibbons said in the release.
Vince vowed to take a "rigorous approach to driving further organic growth and creating value for all stakeholders."
Analysts had a mixed reaction to the news.
In a note to clients, Autonomous Research analysts wrote that Vince's market infrastructure division "has been a source of growth" for BNY Mellon.
"We believe Mr. Vince’s promotion to CEO suggests sustained, if not increased, emphasis on these business areas — a positive for the company overall," the analysts wrote.
But RBC Capital Markets analyst Gerard Cassidy noted that Vince will be BNY Mellon’s third CEO in about three years.
“The multiple changes in leadership over this period is unsettling, in our view. Over the years, banks that have had stable leadership have tended to produce better results,” Cassidy wrote, citing JPMorgan Chase and Morgan Stanley as examples.
BNY Mellon’s stock was down 3.47% to $50.34 as of 10:03 a.m. ET.
Allissa Kline contributed to this article.
