Michael G. O'Grady was named president of corporate and institutional services at Northern Trust Corp. on Tuesday.
Mr. O'Grady replaces Steven L. Fradkin, who becomes president of wealth management.
Mr. O'Grady was chief financial officer; S. Biff Bowman, executive vice president, human resources, will replace him in that role.
The appointments are part of several changes at Northern Trust and will be effective Sept. 1, spokesman Doug Holt said.
The appointments will “sharpen (Northern Trust's) focus on sustainable profitable growth,” said Frederick H. Waddell, chairman and CEO, in a news release.
Mr. Fradkin replaces Jana R. Schreuder, president of wealth management, who was named chief operating officer. William L. Morrison, who currently serves as chief operating officer and president, will continue to serve as president. He will oversee the asset management, wealth management, corporate marketing and strategy functions and will focus on “driving business growth,” the news release said.
Gill Pembleton, executive vice president, human resources-EMEA will replace Mr. Bowman as executive vice president, human resources, until a permanent replacement is named.
Mr. Holt wouldn't comment further.