Bank of New York (BK) President to Retire at Year End

September 26, 2016 4:31 PM EDT

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BNY Mellon (NYSE: BK) announced today that Karen B. Peetz, president, has decided to retire from the company at year end.

Peetz, BNY Mellon's first female president, joined the company in 1998 and has played a pivotal role through periods of significant change in the organization, including the successful navigation of post-financial crisis challenges and the adoption of a more strategic, market- and solutions-led approach to client relationship management.

Peetz has been consistently recognized for her contributions to the financial services industry and has today been named #1 on American Banker's "25 Most Powerful Women in Banking" ranking in recognition of her management style, crisis management skills, influence and charitable endeavors.

"Karen's leadership, industry expertise and partnership will be missed by BNY Mellon, and we are extremely thankful for her many contributions during her tenure," said Gerald Hassell, Chairman and CEO of BNY Mellon.

Peetz oversees the company's global client management and regional management, its treasury services business and its regulatory oversight functions. Prior to her appointment as president in January 2013, she led BNY Mellon's former Financial Markets and Treasury Services group, comprised of the alternative investment services, broker-dealer and advisor services, corporate trust, depositary receipts and treasury services businesses.

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