GLOBAL - Nine directors at Bank of New York and Mellon are set to leave as the companies have announced the 18-member board of their joint entity.
Bank of New York and Mellon have named the members of their joined board of directors - the full list of which is disclosed below - but Catherine A. Rein, the presiding director for the Bank of New York will serve as lead director for the new company.
Ten of the new board members are from the Bank of New York and eight are from Mellon.
But that means six of the current Mellon directors will have to take their leave, including Seward Prosser Mellon, grandson to company founder Richard B. Mellon, who had been a board member since 1972.
Three directors at the Bank of New York will also step down.
The merger, to be finalised in autumn this year, will create the world's largest custodian with $18trn (€13.4trn) in assets under custody and over $1trn in assets under management.
List of directors on the new Bank of New York Mellon board are:
From Bank of New York:
Catherine A. Rein (Met Life Inc.)
Frank J. Biondi Jr. (WaterView Advisors LLC)
Nicholas M. Donofrio (IBM Corporation)
Gerald L. Hassell (Bank of New York)
Richard J. Kogan (Schering-Plough Corporation)
Michael J. Kowalski (Tiffany & Co)
John A. Luke Jr. (MeadWestvaco Corporation)
Thomas A. Renyi, currently CEO of Bank of New York
William C. Richardson (W.K. Kellogg Foundation)
Samuel C. Scott III (Corn Porducts International)
Ruth E. Bruch (Kellogg Company)
Steven G. Elliott (Mellon)
Edmund F. Kelly (Liberty Mutual Group)
Robert P. Kelly, currently Mellon CEO and designated CEO of BoNY/Mellon
Robert Mehrabian (Teledyne Technologies Inc.)
Mark A. Nordenberg (University of Pittsburgh)
John P. Surma (United States Steel Corporation)
Wesley W. von Schack (Energy East Corporation)
Directors not selected for the BoNY/Mellon board:
Bank of New York:
John C. Malone (Liberty Media Corporation)
Brian L. Roberts (Comcast Corporation)
Richard C. Vaughan (Lincoln National Corporation)
Paul L. Cejas (PLC Investments)
Jared L. Cohon (Carnegie Mellon University)
Ira J. Gumberg (J. J. Gumberg Co.)
David S. Shapira (Giant Eagle Inc.)
William E. Strickland, Jr. (Manchester Bidwell Corporation)
Seward Prosser Mellon (Richard K. Mellon and Sons)