TORONTO, Oct. 6, 2016 /CNW/ - CIBC Mellon today announced that the company's Boards of Directors have selected Steve Wolff as the company's new President and Chief Executive Officer (CEO). Steve will take on his new role effective November 14, 2016, assuming responsibility for CIBC Mellon's strategy and performance. He will also join the Board of Directors for CIBC Mellon Trust Company.
Mr. Wolff joins CIBC Mellon from the Nova Scotia Pension Services Corporation (NSPSC), which administers the pension benefits and investment assets of two of Nova Scotia's public sector pension plans. As CEO, Mr. Wolff led the entity's transition out of government to a nonprofit corporation accountable to a board of directors, strengthened governance structures and operating platforms, and sponsored the plans' expansion into alternative investment classes.
Mr. Wolff replaces Thomas S. Monahan, who announced in May 2016 he would retire after seven years of service, during which CIBC Mellon grew to C$1.6 trillion of assets under administration, launched and enhanced a number of solutions for institutional investors in Canada, strengthened its risk and governance regime, and earned a number of prestigious industry awards.
"Steve has a strong record of driving strategic growth and client service leadership, and brings this determination and expertise to CIBC Mellon," said Samir Pandiri, Chief Executive Officer of BNY Mellon's Asset Servicing business and Chairman of CIBC Mellon's Boards of Directors. "He is deeply knowledgeable about the Canadian marketplace and the unprecedented changes in our industry. His rigor and insight will help us continue to provide valuable solutions to our clients. We welcome Steve to CIBC Mellon."
"Canada is a complex and unique investment marketplace, and Steve's deep and personal understanding of the challenges and opportunities ahead will no doubt prove very valuable for CIBC Mellon and its stakeholders," said John Ferren, Senior Vice-President, Finance, CIBC, and member of CIBC Mellon's Boards of Directors. "Steve joins a strong and dynamic team and has the vision to lead CIBC Mellon forward as Canada's leader in asset servicing."
"CIBC Mellon is well known and respected as a leader in its industry," said Mr. Wolff. "As a client for many years, I know first-hand the importance the company's highly engaged team places on putting clients at the centre of all they do. I am looking forward to building on CIBC Mellon's proud 20-year history of delivering strong service, operational excellence and continuous innovation for its clients."
About Steve Wolff
Additional information about Mr. Wolff, including his full biography, is available on CIBC Mellon's website at www.cibcmellon.com/ourceo
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, exchange-traded fund services, recordkeeping, pension services, securities lending services, foreign exchange processing and settlement, and treasury services. As at June 30, 2016, CIBC Mellon had more than C$1.6 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 June 30, 2016 had US$29.5 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.
For more information, including CIBC Mellon's latest knowledge leadership for institutional investors in Canada, visit www.cibcmellon.com.