American asset manager Northern Trust has appointed Michael O’Grady as its new chairman, replacing Frederick Waddell who has held the role for nine years.

O’Grady, currently the firm’s CEO and president, will take up the new role after Waddell’s retirement on 23 January 2019.

O’Grady previously also held the roles of executive vice president and CFO, as well as president of the corporate and institutional services business at Northern Trust.

Prior to his stint at Northern Trust, which started in 2011, he worked at Bank of America Merrill Lynch.

“Today’s announcement is reflective of a robust and deliberate succession planning process undertaken by our Board of Directors,” Waddell noted.

Since joining Northern Trust in 1975, Waddell has held various senior roles at the firm. These roles include head of the corporate and institutional services unit and president and COO.

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He previously also served as the CEO of Northern Trust, a position he held since January 2008. He was replaced in this role by O’Grady in January this year.

Northern Trust said that during Waddell’s tenure as the CEO, its assets under management increased over 50% to $1.2 trillion. The firm’s assets under custody is said to have almost doubled to $8.1 trillion during Wadell’s term as CEO.

“During Rick’s time as CEO and Chairman, Northern Trust navigated historically challenging market conditions while continuing to serve clients and grow,” O’Grady stated.