Northern Trust Announces Wealth Management Leadership Changes

Rhea-AI Summary

Northern Trust announced key leadership changes aimed at adapting to client needs. Effective March 1, John Fumagalli will become President of the Central Region, succeeding retiring Mac MacLellan. Charlie Mueller will also retire on the same date. New appointments include Pam Lucina and Glenda Pedroso, who will report directly to Wealth Management President Steven L. Fradkin, along with the promotion of Stephanie Goforth to Executive Vice President and Global Head of Sales & Marketing. Lucino Sotelo is named Chief Digital Officer, focusing on digital innovation.

Positive

• Leadership transitions signal a commitment to addressing evolving client needs.
• New leadership could bring fresh perspectives and innovation in wealth management.

Negative

• Retirement of experienced leaders raises concerns about continuity.

Northern Trust announced today a number of changes to serve the evolving needs of its clients: affluent individuals and families, family offices, foundations, endowments, and privately held businesses.

• John Fumagalli will transition from his responsibilities as President of Northern Trust’s business in Florida and assume the role of President of the Central Region, effective March 1. He will relocate to Chicago where he will oversee the firm's investment management, banking, and fiduciary business for Northern Trust's offices in the region. Mac MacLellan, current President of the Central Region, will retire after an outstanding record of service during 13 years with Northern Trust.
• Charlie Mueller, President of West Florida, will retire effective March 1 capping a 32-year career of leadership across multiple roles and geographies with the firm.
• Pam Lucina, Chief Fiduciary Officer, Trust & Advisory Practice Executive and President of The Northern Trust Institute, and Glenda Pedroso, Banking Practice Executive, will move from National Services to report directly to Northern Trust Wealth Management President Steven L. Fradkin. They will join the Wealth Management Executive Committee.
• Stephanie Goforth has been promoted to Executive Vice President and Global Head of Sales & Marketing, also reporting to Fradkin and joining the Wealth Management Executive Committee.
• Lucino Sotelo has been named Chief Digital Officer for Northern Trust Wealth Management. In his role, he will lead the newly formed Digital Services Group and oversee digital innovation. Jill Carlberg, who heads the Product Management, Service Excellence and Business Services Group, will retire after a distinguished 34-year career spanning multiple business units with the firm.

“These leadership transitions continue to build on the extraordinary talent and expertise across our Wealth Management business,” Fradkin said. “We are grateful for the longstanding stewardship consistently exhibited by Mac, Charlie and Jill even as we welcome this next group of Northern Trust leaders to their new responsibilities.”

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 $347.8 billion in assets under management as of December 31, 2020. 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 22 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2020, Northern Trust had assets under custody/administration of US$14.5 trillion, and assets under management of US$1.4 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Please read our global and regulatory information.

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FAQ

What leadership changes were announced by Northern Trust on March 1?

Northern Trust announced the appointment of John Fumagalli as President of the Central Region, alongside the retirement of Mac MacLellan and Charlie Mueller.

Who is the new Chief Digital Officer at Northern Trust?

Lucino Sotelo has been appointed as the Chief Digital Officer for Northern Trust Wealth Management.

What is expected from the new leadership at Northern Trust?

The new leadership is expected to enhance client services and drive digital innovation within the wealth management sector.

How does Northern Trust plan to address client needs with the new leadership?

The leadership changes aim to better serve affluent clients by leveraging expertise and fresh perspectives in wealth management.