Northern Trust’s chief financial officer (CFO), and one of its most experienced leaders, is set to retire at the beginning of next year.
Biff Bowman will step down on 1 January and retire on 28 February. He will be replaced by Jason Tyler, currently the CFO of Northern Trust’s wealth management business.
Tyler, who joined Northern Trust in 2011, has also served in roles including global head of the institutional Group at its asset management arm, global head of corporate strategy.
Bowman has led several divisions for Northern Trust during his 34-year career with the Chicago-based custodian, including head of the Americas region for the corporate and institutional services (C&IS) unit and CEO of its EMEA business.
“We are grateful to Biff for his many contributions to Northern Trust as a trusted partner and thoughtful leader. Through his many roles he created meaningful value for clients, partners, shareholders and the community,” said Michael O’Grady, chairman and CEO, Northern Trust.
“Jason brings deep financial expertise, dynamic leadership and a drive to continue our profitable growth.”