William A. Osborn, 60, chairman and chief executive officer of Northern TrustCorporation, announced his plans to step down as chief executive officer on 1 January, 2008.
Osborn, who has served as CEO since June of 1995, will remain as chairman of the board, a position he has held since October 1995.
Northern Trust’s Board of Directors has approved a succession plan whereby on1 January, 2008, Frederick H. “Rick” Waddell, 54, will become CEO in addition to his current position as president.
“It has been an honor to serve over 12 years as chief executive officer,” says Osborn. “This announcement is being made now to allow adequate time for me to continue to work with Rick to assure a successful transition. Northern Trust is uniquely positioned within the global financial services landscape, and the board and I are confident in the strength of Rick’s experience and leadership. We believe he is ideally suited to continue Northern Trust’s growth and take full advantage of the global opportunities that lie ahead.”
“I am honoured and excited to have been selected to assume the role of chief executive officer, and to lead a talented and experienced management team,” adds Waddell. “We are fortunate that Bill has given us a strong and solid foundation uponwhich we can continue to build. We thank Bill for his leadership, dedication, and hard work, and we look forward to his continuing contributions as chairman.”