Canada-based CIBC Mellon, jointly owned by BNY Mellon and Canadian Imperial Bank of Commerce, has named Mal Cullen as its new CEO, effective 1 December 2022.
In his new role, Cullen will oversee the firm’s strategy, client relationships and service delivery services.
He will continue to become a member of CIBC Mellon Trust Company’s board of directors.
Cullen, who will return to Canada to take charge as CEO, succeeds Steven Wolff.
Wolff will retire from the company on 30 December this year after leading the firm for a period of six years.
He During his tenure, CIBC Mellon’s assets under administration rose to over C$2.3tn ($1.7tn).
CIBC Mellon boards of directors chair and head of BNY Mellon Canada and Latin America asset servicing Dan Smith said: “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.
“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.”
Last month, CIBC Mellon announced that it was selected to offer several asset servicing solutions, such as institutional accounting, custody services and others, to First Nations Market Housing Fund (FNMHF).