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Bank of New York Mellon promotes Thomas Gibbons to CFO, effective July 1 - Update

bankofnewyork 052708

Tuesday, Bank of New York Mellon Corp. (BK) said that Thomas Gibbons, currently the Chief Risk Officer, has been promoted to the role of chief financial officer, with effect from July 1, 2008. Gibbons will succeed Bruce Van Saun, Vice Chairman and Chief Financial Officer, who will be leaving the bank to pursue new leadership opportunities.

The company also announced various other promotions, where current chief executive officer of Issuer, Treasury & Broker-Dealer Services, Brian Rogan, will succeed Gibbons as Chief Risk Officer, and Karen Peetz, currently chief executive officer of Global Corporate Trust, will succeed Rogan as head of Issuer, Treasury & Broker-Dealer Services.

All promotions will become effective July 1, 2008. Meanwhile, Peetz' successor to the post of chief executive officer of Global Corporate Trust will be named later, the company said. In her expanded role, Peetz will lead businesses that contribute nearly one-third of the corporation's revenue.

Robert Kelly, Chief Executive Officer of the bank stated, "Todd has the experience and insight we will need to lead the industry in the quality and transparency of our financial reporting, to deliver the kind of value our shareholders expect and to relentlessly pursue our goal of outperforming our peers."

Gibbons was the Chief Risk Officer of Bank of New York Mellon and its predecessor, The Bank of New York, for nearly 10 years. Bank of New York was merged with Mellon Financial Corp. in July 2007. Prior to the merger, Gibbons also served as Chief Financial Officer of the Bank of New York for almost a year. He first joined the Bank of New York in 1986 and held various top management positions. Recently, Gibbons has played an important role in helping the new organization in successfully going through the turbulent financial markets.

The resigning financial chief, Van Saun, joined the Bank of New York in 1997 as chief financial officer, and continued in that role in the merged entity. He was an important part in the company's strategic development, strengthening its financial position and transforming its business mix through numerous acquisitions and divestitures.

Kelly said, "I greatly appreciate Bruce returning to the CFO role and staying for a full year post merger. During that time he has done terrific work successfully integrating our financial reporting, ensuring we deliver our merger synergies and financial objectives and establishing combined financial and global markets organizations marked by exceptional talent."

The company noted that the resigning and the new financial chiefs will work closely together in the weeks ahead to ensure a smooth transition.

In early May, Bank of New York Mellon appointed Chris Sturdy as chairman of the Asia-Pacific region. Previously, he was head of the bank's Depositary Receipt business, where he was succeeded by Michael Cole-Fontayn.

The Bank of New York Mellon has more than $23 trillion in assets under custody and administration, more than $1.1 trillion in assets under management and services $12 trillion in outstanding debt,

BK is currently trading at $44.18, up $0.62 or 1.42%, on a volume of 180 thousand shares. The shares have been trending in a range of $38.30-$50.26 for the past 52 weeks.

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