Business Context and Reporting Period
This Form 8-K Current Report was filed by The Bank of New York Mellon Corporation on May 20, 2008. The filing addresses Item 5.02 regarding the departure of a senior officer and the appointment of a new Chief Financial Officer.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance and personnel changes.
Material Changes
- Departure: Bruce W. Van Saun will cease to serve as Chief Financial Officer effective July 1, 2008.
- Appointment: Thomas P. (Todd) Gibbons will become the new Chief Financial Officer effective July 1, 2008.
- Compensation: Mr. Van Saun will receive payments and benefits outlined in his Transition Agreement dated June 25, 2007, which was assumed by the registrant following the merger of BNY Co. into the registrant.
Management Commentary and Background
Mr. Gibbons, age 51, has served as Senior Executive Vice President and Chief Risk Officer since the July 1, 2007 merger. His prior experience includes serving as Senior Executive Vice President and CFO of BNY Co. from September 2006 to June 2007, and as CFO of The Bank of New York during the same period. He has held executive roles at The Bank of New York and Mellon Bank since at least 2002.
Investor Verification Checklist
- Verify the specific financial terms of the Transition Agreement referenced in Exhibit 10.5 of the June 28, 2007 filing.
- Confirm the effective date of the leadership transition is July 1, 2008.
- Review Mr. Gibbons' track record as Chief Risk Officer to assess his suitability for the CFO role.