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BNY Mellon Replaces CEO Kelly

Exit follows a dispute with the board; Gerald Hassell will succeed Kelly.

By Charles Stein, Sree Vidya Bhaktavatsalam, Bloomberg News | Updated on September 01, 2011

Bank of New York Mellon Corp., beset by legal challenges and an underperforming stock, said Chairman and Chief Executive Officer Robert P. Kelly left after a dispute with directors over the way he ran the company.

Kelly, 57, who had led the world’s biggest custody bank since 2007, left by “mutual agreement” with the board, the company said yesterday in a statement. His successor is Gerald L. Hassell, 59, who has been president of New York-based BNY Mellon since 1998.

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