American investment manager Northern Trust has named G. O’Grady as its new CEO, with effect from 1 January 2018.

O’Grady will replace Frederick Waddell, who has been working as CEO since January 2008. Waddell will however, retain his position as the chairman of the board, a role he has been holding since November 2009.

In addition to taking over as CEO, O’Grady will also retain his current role of Northern Trust president, which he has been holding since January 2017.

O’Grady has been associated with Northern Trust since 2011. During this period he served as the president of the corporate and institutional services business, as well as the group’s executive vice president and CFO.

Prior to joining Northern Trust, O’Grady worked as a managing director in financial institutions investment banking group at Bank of America Merrill Lynch.

“Today’s announcement is the result of a robust and deliberate succession planning process undertaken by our Board of Directors. Mike is an experienced, results-oriented leader respected by clients, shareholders, employees and the communities we serve. The Board and I are deeply confident in his ability to lead Northern Trust and, as Chairman, and I look forward to continuing to work with Mike,” Waddell said.