William L. Morrison was named president and COO of Northern Trust Corp. and Michael G. O'Grady will be the new CFO, effective Oct. 1.
Mr. Morrison succeeds Frederick H. Waddell as president, according to a Northern Trust news release. Mr. Waddell remains chairman and CEO of the company. The COO position has been vacant since January 2008 when Mr. Waddell, who then served in the position, was promoted to president and CEO.
Mr. O'Grady is succeeding Mr. Morrison, who also has served as executive vice president and a member of Northern Trust's management group. Mr. Morrison will maintain his duties as a member of Northern Trust's management group and Mr. O'Grady will be a new member of that group, confirmed spokesman John O'Connell.
Mr. O'Grady most recently served as managing director and head of the depository institutions group for the Americas at Merrill Lynch's financial institutions investment banking group.
Bank of America Merrill Lynch spokeswoman Nicole Nastacie could not be reached for comment.
