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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) September 10, 2024

 

 

NORTHERN TRUST CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-36609   36-2723087

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

50 South LaSalle Street    
Chicago, Illinois     60603
(Address of principal executive offices)     (Zip Code)

Registrant’s telephone number, including area code (312) 630-6000

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading

Symbol

  

Name of each exchange

on which registered

Common Stock, $1.66 2/3 Par Value   NTRS   The NASDAQ Stock Market LLC
Depositary Shares, each representing 1/1,000th interest in a share of Series E Non-Cumulative Perpetual Preferred Stock   NTRSO   The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 5.02.

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September 10, 2024, Northern Trust Corporation (the “Corporation”) announced the following changes to its leadership structure, each effective October 1, 2024:

 

  •  

Peter B. Cherecwich, currently President – Asset Servicing, will become Chief Operating Officer;

 

  •  

Teresa A. Parker, who had most recently served as President – Europe, Middle East, and Africa, will become President –Asset Servicing;

 

  •  

Steven L. Fradkin, currently President – Wealth Management, will become Vice Chairman;

 

  •  

Jason J. Tyler, currently Chief Financial Officer, will become President – Wealth Management;

 

  •  

David W. Fox, Jr., currently President – Global Family & Private Investment Offices, will become Chief Financial Officer;

Each of these officers will serve for the term provided in the Corporation’s By-laws.

Mr. Cherecwich, age 59, has served as President – Asset Servicing since 2017. Prior to that, Mr. Cherecwich served as President of Global Fund Services from 2010 to 2017 and as Chief Operating Officer of the Asset Servicing business from 2008 to 2014. From 2007 to 2008, he served as Head of Institutional Strategy & Product Development. Before joining Northern Trust in 2007, Mr. Cherecwich served in several executive and operational roles at State Street Corporation.

Mr. Fox, age 65, has served as President – Global Family & Private Investment Offices since 2015. Prior to that, Mr. Fox served as Head of the Americas for the Asset Servicing business from 2012 to 2015. Before joining Northern Trust in 2012, Mr. Fox served in various leadership roles within J.P. Morgan Chase & Co.

A copy of the press release announcing the events described above is attached hereto as Exhibit 99.1.

 

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits:

 

Exhibit
Number		    Description
99.1    Press Release of Northern Trust Corporation, dated September 10, 2024.
104    The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

      NORTHERN TRUST CORPORATION
     

  (Registrant)

Dated: September 10, 2024     By:  

/s/ Brad A. Kopetsky

      Brad A. Kopetsky
      Executive Vice President, Deputy General Counsel and Corporate Secretary

Exhibit 99.1

 

LOGO

News Release

 

Investor Contact:

 

Jennifer Childe

(312) 444-3290

Jennifer.Childe@ntrs.com

   

Media Contact:

 

Doug Holt

(312) 557-1571

Doug.Holt@ntrs.com

http://www.northerntrust.com

 

Northern Trust Announces Leadership Changes

CHICAGO, September 10, 2024 – Northern Trust Corporation announced today a number of leadership changes, effective Oct. 1, 2024.

“These changes represent our One Northern Trust strategy designed to optimize growth, strengthen resiliency and drive productivity,” Chairman and Chief Executive Officer Michael O’Grady said. “They reflect the strength of our leaders and depth of our talent practices, and our commitment to continuing to serve our clients with distinction in an ever-changing landscape.”

 

  •  

Peter B. Cherecwich, President of Asset Servicing, will become Chief Operating Officer. In this newly created role, Cherecwich will focus on ensuring operational excellence and resiliency, effective risk management and controls, and scalable growth. Cherecwich brings decades of experience in managing complex client relationships and global operations.

 

  •  

Teresa Parker will defer her previously announced retirement and serve as President of Asset Servicing. Parker most recently served as President, Europe, Middle East and Africa (EMEA). She has been based in London, Singapore and Chicago and has held numerous executive leadership roles including Chief Operating Officer for Asset Servicing; Head of the Asia Pacific Region (APAC); and Global Head of Securities Lending.

 

  •  

Steven L. Fradkin, who has served in a wide variety of leadership roles including President of Wealth Management, President of Asset Servicing, Chief Financial Officer, and head of the international business, will be named Vice Chairman of Northern Trust. In this capacity, Fradkin will seek to enhance growth initiatives and foster deeper connections across our client franchise.

 

  •  

Chief Financial Officer Jason Tyler will assume the role of President of Wealth Management. Tyler brings a broad range of experience to this role, having served as Head of Corporate Strategy, Asset Management’s Head of the Institutional Group, and Wealth Management’s Chief Financial Officer.

  •  

David W. Fox, Jr., President of the Global Family & Private Investment Offices Group, will serve as Chief Financial Officer. Fox has served in a number of leadership capacities, previously serving as Head of the Americas for Asset Servicing and Vice Chairman of Investment Banking at J.P. Morgan. A successor to Fox to serve as President of the Global Family & Private Investment Offices Group will be named soon.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2024, Northern Trust had assets under custody/administration of US$16.6 trillion, and assets under management of US$1.5 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on X (formerly Twitter) @NorthernTrust or Northern Trust Corporation on LinkedIn.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.

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