Northern Trust Corporation (Nasdaq: NTRS) has appointed William L. Morrison as president and COO.
The appointment will take effect October 1, and Morrison will continue to report to Frederick H. Waddell, chairman and CEO.
“Bill is an exceptional leader and a highly regarded member of our executive management team,” Waddell says. “As a 38-year veteran of the banking industry, including the past 15 years at Northern Trust, Bill has played a key role in bringing Northern Trust to its present strong position.”
In his role as COO, Morrison will provide operational leadership across business lines. Effective October 1, the heads of Northern Trust’s Personal Financial Services, Corporate & Institutional Services, Northern Trust Global Investments, and Operations and Technology, as well as Global Marketing, will report to Morrison.
Morrison, an executive vice president and member of Northern Trust’s Management Group, has served as CFO since September 2009.
Replacing Morrison in the role of CFO will be Michael G. O’Grady, who will join Northern Trust in August and assume his role effective October 1, reporting to Waddell.
O’Grady joins Northern Trust from Bank of America Merrill Lynch’s Financial Institutions Investment Banking Group, where he served as managing director and head of the firm’s Depository Institutions Group for the Americas, covering banks as well as certain asset managers, insurance brokers and exchanges. He joined Merrill Lynch in 1992 as an associate.
Before his time at Merrill Lynch, O’Grady worked for Price Waterhouse from 1987 to 1990. He graduated from the University of Notre Dame with a bachelor’s degree in accountancy and received his M.B.A. from Harvard Business School.
“Mike has advised clients on numerous strategic and capital markets transactions and is very familiar with Northern Trust,” Waddell says. “I am confident that Mike will strengthen the already outstanding leadership team at Northern Trust.”
(CM)