BNY Mellon chairman steps down
NEW YORK - Robert P. Kelly, the chairman and CEO of BNY Mellon, the nation’s sixth-largest bank, stepped down yesterday due to “differences in approach to managing the company.’’
The company did not spell out what differences led to Kelly’s ouster or elaborate.
Gerald L. Hassell, BNY Mellon’s president and a longtime board member, was tapped to lead the New York bank, whose customers are mainly large pension funds and money market funds.
Kelly has led Bank of New York Mellon Corp. since the combination of Bank of New York and Mellon Financial Corp. in 2007.
He was a contender to take the helm at Bank of America Corp. when the nation’s largest bank by assets searched for a new CEO in 2009. He reportedly did not land the job because of concerns over the pay package he sought.
BNY Mellon often operates under the radar, but made news early this month when it said it will charge customers a fee to hold cash deposits over $50 million.
The bank said Hassell has led nearly every major division of the company during his three decades with the bank and its predecessor.