Ralph Izzo Elected to the Board of Directors of BNY Mellon

Rhea-AI Summary

The Bank of New York Mellon Corporation (NYSE: BK) announced the election of Ralph Izzo as an independent director effective August 10, 2020. With this addition, BNY Mellon’s Board now comprises 11 directors, 10 of whom are independent. Izzo brings extensive experience from his role as CEO of Public Service Enterprise Group and will serve on several committees including Audit and Corporate Governance. His leadership is expected to enhance the board's diversity and strategic insight, reinforcing BNY Mellon's commitment to strong governance and risk management.

Positive

• Ralph Izzo's extensive leadership experience in a publicly traded company is expected to enhance BNY Mellon's board dynamics.
• His diverse background in finance and risk management will provide valuable insights to the board.

Negative

• Concerns may arise regarding the continuity and integration of a new independent director into the existing board structure.

NEW YORK, Aug. 11, 2020 /PRNewswire/ -- The Bank of New York Mellon Corporation ("BNY Mellon") (NYSE: BK) announced today that its Board of Directors has elected Ralph Izzo, Chairman, President and CEO of Public Service Enterprise Group Incorporated ("PSEG"), as an independent director, effective August 10, 2020.  With the addition of Mr. Izzo, BNY Mellon's Board of Directors will have 11 directors, 10 of whom are independent.  Mr. Izzo will serve on the Audit and Corporate Governance, Nominating and Social Responsibility Committees of BNY Mellon's Board.

"We are thrilled to welcome Ralph to our Board," said Todd Gibbons, CEO of BNY Mellon.  "With wide-ranging expertise, from strategic planning, to finance and risk management, he will bring a variety of valuable insights."

"Ralph's extensive chief executive experience at a complex, publicly traded company, as well as his operations experience in a highly regulated industry, will complement and enhance the diverse experiences and backgrounds of the other members of our Board," added Joseph Echevarria, Chairman of the Board.

Mr. Izzo, 62, has served as Chairman and Chief Executive Officer of PSEG, a publicly traded diversified energy holding company, since April 2007.  He has been the company's president and a member of the board of directors of PSEG since October 2006.  Previously, Mr. Izzo was president and chief operating officer of Public Service Electric and Gas Company (PSE&G), an operating subsidiary of PSEG.  Since joining PSE&G in 1992, Mr. Izzo has held several executive positions within the PSEG family of companies. 

In addition to his current public company board service, Mr. Izzo is the chair of the Nuclear Energy Institute (NEI) and a member of the U.S. Department of Energy's Fusion Energy Sciences Advisory Committee.  He is also on the board of directors for the Edison Electric Institute (EEI), Nuclear Electric Insurance Limited (NEIL), the New Jersey Chamber of Commerce, and the New Jersey Performing Arts Center.  Mr. Izzo is on the advisory board for the University of Pennsylvania's School of Engineering and Applied Sciences Mechanical Engineering and Applied Mechanics Department, a member of the Board of Trustees of the Peddie School and Princeton University's Andlinger Center for Energy and the Environment Advisory Council, as well as a member of the Visiting Committee for the Department of Nuclear Engineering at Massachusetts Institute of Technology, the Columbia University School of Engineering Board of Visitors and of the CEO Action for Diversity and Inclusion. In addition, he is a former chair of the Rutgers University Board of Governors and the New Jersey Chamber of Commerce.

Mr. Izzo received his Bachelor of Science and Master of Science degrees in mechanical engineering and his Doctor of Philosophy degree in applied physics from Columbia University.  He also received a Master of Business Administration degree, with a concentration in finance, from the Rutgers Graduate School of Management.

ABOUT BNY MELLON
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle.  Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries.  As of June 30, 2020, BNY Mellon had $37.3 trillion in assets under custody and/or administration, and $2.0 trillion in assets under management.  BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments.  BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).  Additional information is available on www.bnymellon.com.  Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

Contacts:

Media     
Manny Goncalves
+1 973 809 1114
manuel.goncalves@bnymellon.com 

Analysts
Magda Palczynska
+1 212 635 8529
magda.palczynska@bnymellon.com

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SOURCE BNY Mellon

FAQ

Who was elected to BNY Mellon's Board of Directors?

Ralph Izzo was elected as an independent director on August 10, 2020.

What experience does Ralph Izzo bring to BNY Mellon?

Ralph Izzo has extensive experience as Chairman and CEO of Public Service Enterprise Group, with expertise in strategic planning, finance, and risk management.

What committees will Ralph Izzo serve on at BNY Mellon?

Ralph Izzo will serve on the Audit and Corporate Governance, Nominating, and Social Responsibility Committees.

How many directors are on BNY Mellon's Board now?

With the addition of Ralph Izzo, BNY Mellon's Board now has 11 directors, of which 10 are independent.