TORONTO, May 20, 2016 /CNW/ - CIBC Mellon today announced that the company's president and CEO, Thomas S. Monahan, has decided to retire at the end of 2016 after seven years of service with the company. A leadership transition plan led by CIBC Mellon's Boards of Directors is underway.
"Tom has been a strong leader and advocate for our business and our clients, successfully managing CIBC Mellon through challenging times and uncertain markets," said Samir Pandiri, chief executive officer of BNY Mellon's Asset Servicing business and chairman of CIBC Mellon. "We are grateful for his outstanding contributions to our clients, our company and the investment services industry in Canada."
During Mr. Monahan's tenure, CIBC Mellon grew to C$1.6 trillion of assets under administration, launched and enhanced a number of solutions for institutional investors in Canada, strengthened its risk and governance regime, and earned a number of prestigious industry awards.
"I've been fortunate to lead a successful company that is committed to client service, employee engagement, corporate social responsibility, operational excellence and strong governance," said Monahan. "I am proud of the CIBC Mellon team that we have built and the standard of excellence we have established in Canada. In the best CIBC and BNY Mellon tradition, our executive management team will work collaboratively with the Boards to ensure an effective transition."
About CIBC Mellon
CIBC Mellon is a Canadian company exclusively focused on the investment servicing needs of Canadian institutional investors and international institutional investors into Canada. Founded in 1996, CIBC Mellon is 50-50 jointly owned by The Bank of New York Mellon (BNY Mellon) and Canadian Imperial Bank of Commerce (CIBC). CIBC Mellon's investment servicing solutions for institutions and corporations are provided in close collaboration with our parent companies, and include custody, multicurrency accounting, fund administration, exchange-traded fund services, recordkeeping, pension services, securities lending services, foreign exchange processing and settlement, and treasury services. As at March 31, 2016, CIBC Mellon had more than C$1.6 trillion of assets under administration on behalf of banks, pension funds, investment funds, corporations, governments, insurance companies, foreign insurance trusts, foundations and global financial institutions whose clients invest in Canada. CIBC Mellon is part of the BNY Mellon network, which as at March 31, 2016 had US$29.1 trillion in assets under custody and/or administration. CIBC Mellon is a licensed user of the CIBC trade-mark and certain BNY Mellon trade-marks, is the corporate brand of CIBC Mellon Global Securities Services Company and CIBC Mellon Trust Company, and may be used as a generic term to refer to either or both companies.
For more information, including CIBC Mellon's latest knowledge leadership for institutional investors in Canada, visit www.cibcmellon.com
SOURCE CIBC Mellon
For further information: Brent Merriman, Corporate Communications, CIBC Mellon, 416-643-5065, [email protected]