Steven R. Wolff retires after six years with Canada’s leader in asset servicing
TORONTO, November 28, 2022 – CIBC Mellon today announced that the company’s Boards of Directors have selected Mal Cullen as the company’s new Chief Executive Officer (CEO). Mr. Cullen will take on his new role effective December 1, 2022, assuming responsibility for CIBC Mellon’s strategy, client relationships and service delivery. Mr. Cullen will remain a member of the Board of Directors for CIBC Mellon Trust Company. Mr. Cullen will be returning to Canada to assume his new role with CIBC Mellon.
Mr. Cullen replaces Steven R. Wolff, who will retire from CIBC Mellon effective December 30, 2022, after six years of leadership. During Mr. Wolff’s tenure, CIBC Mellon grew to more than C$2.3 trillion of assets under administration, launched and enhanced a number of solutions for institutional investors in Canada, and earned many prestigious industry awards. Notably, Mr. Wolff stewarded the company through the pandemic while amplifying client connectivity, reinforcing a strong and scalable technology foundation, and strengthening the company’s employee culture of diversity and inclusion. CIBC Mellon was honored with “best treasury operations through the COVID-19 pandemic” in 2021 and named “world’s best sub-custodian” by Global Finance Magazine in 2022.
“Mal brings to CIBC Mellon a 30-year track record of leadership in asset servicing and in particular extensive experience in key focus areas for clients, including data innovation, digital solutions and transformation toward more agile data-centric operating models,” said Dan Smith, Chair of CIBC Mellon's Boards of Directors and Head of Canada and Latin America Asset Servicing, BNY Mellon. “Mal has extensive experience in the Canadian marketplace, a deep appreciation for the importance of CIBC Mellon’s exceptional client service culture, and a global perspective that will help move the joint venture forward.
“We thank Steve Wolff for his strong leadership over the past six years and wish him all the best,” added Dan Smith.
“CIBC Mellon is known across Canada and globally as a leader in asset servicing, with a tremendous team, engaged clients and a solid foundation as the Canadian arm of the BNY Mellon global asset servicing network,” said Mal Cullen. “I am excited to help our clients transform their business to achieve greater outcomes and tap into the wide array of capabilities available through both BNY Mellon and CIBC.”
About Mal Cullen
Additional information about Mr. Cullen, including his full biography, is available on CIBC Mellon’s website.
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, recordkeeping, pension services, exchange-traded fund services, securities lending services, foreign exchange processing and settlement, and treasury services. As at September 30, 2022, CIBC Mellon had more than C$2.3 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 September 30, 2022, had US$42.2 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.
Media Contact for CIBC Mellon:
Brent Merriman, Corporate Communications, CIBC Mellon,
416-643-5065, brent.merriman@cibcmellon.com