Robert Kelly (CEO): Bank of New York-Mellon
Why this is a big quit: Kelly’s resignation was unexpected and will have a major impact on the direction of Bank of New York-Mellon (BNY-Mellon). Mellon financial merged with BNY in 2007, and moved headquarters to New York City. Kelly was a key driver in keeping thousands of jobs in the Pittsburgh area and maintaining stability throughout the process. Kelly was one of the few who steered clear of the mortgage crisis that plagued many of his banking counterparts. It is unclear what is next for BNY-Mellon, who praised Kelly during most of his five years as CEO.
Why this is not as big as our Top 10: BNY-Mellon stock price fell 31% YTD prior to Kelly’s resignation. There is limited evidence to what exactly were the “differences in approaches to managing the company”, though recent and projected performance was likely a factor. Sources also cited disagreements with board members, personal reasons on Kelly’s part, and organic events for why Kelly left BNY-Mellon so suddenly. The bank’s current President, Gerald Hassell, seemed prepared to assume Kelly’s position as CEO. BNY-Mellon showed no significant warning signs after Kelly left. Still, a degree of ambiguity exists for the relatively conservative bank, that warrants following into 2012.