Northern Trust announces leadership changes to align for growth

Northern Trust is driving forward its agenda to enhance its client services and outcomes for all stakeholders with some key leadership changes.

The firm’s One Northern Trust strategy, as defined in its annual report, is focused on three areas: optimizing growth, strengthening resiliency, and driving productivity. All employees are expected to work towards the common goals.

Chairman and CEO Michael O’Grady said that the leadership changes “reflect the strength of our leaders and depth of our talent practices, and our commitment to continuing to serve our clients with distinction in an ever-changing landscape.”

All the changes come into effect on October 1, 2024, and include a chief operating officer, a newly created role, as president of asset servicing Peter B. Cherecwich gets a new cross-firm brief focusing on ensuring operational excellence and resiliency, effective risk management and controls, and scalable growth. 

The opportunity to succeed Cherecwich in the asset servicing leadership role has enticed Tessa Parker, former EMEA regional president, to defer her retirement.

There’s a vice chairman role for Steven L. Fradkin who previously led wealth management, asset servicing, the international business, and served as CFO.

Current CFO Jason Tyler becomes president of wealth management and will be succeeded as CFO by David W. Fox Jr., president of the Global Family & Private Investment Offices Group.

Northern Trust has been bolstering its senior leadership over the past few months including Northern Trust Asset Management hiring a former Goldman Sachs Asset Management leader as its global head of product strategy.