Martin G. McGuinn , chairman and CEO of Mellon Financial, announced...

Martin G. McGuinn, chairman and CEO of Mellon Financial, announced that he will retire next year, said Mellon spokesman Ken Herz. Mellon's board of directors retained executive recruiting firm Heidrick & Struggles to search for a replacement, Mr. Herz said. There is no timeframe for when the search would be completed, although ideally, a new CEO will be named before Mr. McGuinn retires, he said.