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Northern Trust announced key leadership changes to enhance strategic execution. Dave Blowers and Lyle Logan have been appointed Vice Chairmen, focusing on strategic initiatives and client development. Glenda Pedroso is promoted to East Region President, succeeding Henry P. Johnson, now the Chief Operating Officer for Wealth Management. Bruce Letten will lead the National Banking Practice, replacing Pedroso. Effective August 1, 2022, these transitions aim to strengthen client service and support continued digital transformation, with Northern Trust managing $396.2 billion in assets as of March 31, 2022.
Positive
Leadership changes expected to enhance strategic focus and client service.
Prominent executives bring extensive experience to newly defined roles.
Strengthened compliance with a focus on digital transformation and innovation.
Negative
Concerns about potential continuity issues during leadership transition.
CHICAGO--(BUSINESS WIRE)--
Northern Trust announced leadership changes today to accelerate the execution of strategic plans.
Longtime Northern Trust leaders Dave Blowers, President of National Services in Wealth Management, and Lyle Logan, Managing Director, Financial Institutions Group, have been named as Vice Chairmen. Their responsibilities include key strategic initiatives and the development of select clients and prospects around the globe, with Blowers continuing to report to Wealth management President Steven Fradkin and Logan continuing to report to Asset Servicing President Peter Cherecwich.
Fradkin announced additional leadership changes in Wealth Management.
Glenda Pedroso, head of the National Banking Practice, will become East Region President. Pedroso will succeed current East Region President Henry P. Johnson, who has been named Wealth Management Chief Operating Officer. Bruce Letten, Chief Credit Risk Officer and Head of Financial Risk for the corporation, will succeed Pedroso to lead the National Banking Practice. All roles are effective August 1, 2022 and will report to Fradkin.
As an Executive Vice President and member of Wealth Management's Executive Leadership team, Pedroso has over 25 years of experience with Northern Trust across multiple roles. In the newly created position, Johnson will deepen the focus for the business unit’s continued digital and technology transformation, operational process improvement, and other cross-business unit activities. Letten has deep knowledge and experience across banking, credit and risk functions.
“These transitions in our Wealth Management leadership team will strengthen our continued focus on our clients, innovation, efficiency and growth,” Fradkin said. “I am confident these changes will provide for strong continuity of expertise and service for clients while also positioning Northern Trust well for the future.”
Northern Trust Wealth Management offers holistic wealth management services for affluent individuals and families, family offices, foundations and endowments, and privately held businesses. It is recognized for its innovative technology, service excellence and depth of expertise and ranks among the top 10 U.S. wealth managers, with $396.2 billion in assets under management as of March 31, 2022. The Northern Trust Company is an Equal Housing Lender. Member FDIC.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 23 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2022, Northern Trust had assets under custody/administration of US$15.5 trillion, and assets under management of US$1.5 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Twitter @NorthernTrust or Northern Trust Corporation on LinkedIn.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.
What leadership changes were announced by Northern Trust?
Northern Trust announced the appointment of Dave Blowers and Lyle Logan as Vice Chairmen, and Glenda Pedroso as East Region President, among other changes.
When will the new leadership roles at Northern Trust take effect?
The new leadership roles will be effective August 1, 2022.
What impact could the leadership changes have on Northern Trust's operations?
The changes are aimed at enhancing strategic execution, client service, and digital transformation efforts.
Who will succeed the current President of the East Region at Northern Trust?
Glenda Pedroso will succeed Henry P. Johnson as the East Region President.
What is the significance of these leadership changes for Northern Trust?
These transitions are intended to strengthen the company's focus on clients, innovation, efficiency, and growth.
