Tom MacMillan to become Chair of the Board
TORONTO, Oct. 14 /CNW/ - CIBC Mellon announced today the appointment of Thomas S. Monahan as President and Chief Executive Officer (CEO) of both CIBC Mellon Global Securities Services Company and CIBC Mellon Trust Company. Mr. Monahan is currently Head of CIBC Wood Gundy and Chairman and CEO of CIBC Investor Services. He will join CIBC Mellon in his new role on November 2, 2009, signalling the successful conclusion of an extensive search process launched last spring.
Mr. Monahan succeeds Thomas C. MacMillan who will become the Chair of CIBC Mellon's Board of Directors upon Mr. Monahan's arrival. As Chair of the Board of Directors, Mr. MacMillan will remain an influential leader at CIBC Mellon. His strategic vision and strong understanding of CIBC Mellon's clients' needs will continue to bring strength to the company's overall operations and quality of client service.
Tom MacMillan said, "Tom Monahan has an extensive financial services industry background and a proven track record that will benefit both our clients and our employees. His tremendous industry knowledge combined with CIBC Mellon's capable and experienced executive management committee will ensure a seamless transition."
On behalf of CIBC Mellon's Board, current Chair Richard Venn expressed his thanks and appreciation to Mr. MacMillan for his more than 11 years of leadership at CIBC Mellon. "Tom MacMillan transformed a small company that began with 10 per cent market share and 200 employees to a leading provider of custody and trust services known for its extraordinary client focus with some 1,400 employees. We are delighted that he will be assuming the role of Chair of CIBC Mellon."
Newly-appointed President and CEO Tom Monahan said, "I am looking forward to building on CIBC Mellon's strong foundation. Tom MacMillan has been an extraordinary leader in an extraordinary time, as well as a man of great conviction and dedication. We are committed to carrying on that great work with precision and expertise."
As he steps forward to lead CIBC Mellon, Mr. Monahan has a long and illustrious career in the financial services industry with more than 30 years of progressive leadership experience. In 1995, Mr. Monahan became National Sales Manager for CIBC Wood Gundy and Managing Director of CIBC World Markets. Since 1999 Mr. Monahan has served as Head of CIBC Wood Gundy, the full-service retail division of CIBC. He was named Chair and Chief Executive Officer of CIBC Investor Services in October 2002.
CIBC Mellon is 50-50 jointly owned by Canadian Imperial Bank of Commerce and BNY Mellon. CIBC Mellon Global Securities Services Company is a leading provider of financial services for institutions and corporations, providing superior asset servicing, multicurrency accounting, information delivery, securities lending and foreign exchange services in Canada. CIBC Mellon is part of BNY Mellon, which has US$20.7 trillion in assets under custody and administration and more than $926 billion in assets under management. CIBC Mellon Global Securities Services Company is a sister company to CIBC Mellon Trust Company, a leading provider of stock transfer, employee plans and trustee services in Canada.
SOURCE CIBC Mellon
For further information: For further information: Rosa Damonte, director, corporate affairs, (416) 643-6368