Michael O'Grady was named chairman of Northern Trust Corp., effective Jan. 23, the company announced Tuesday.
Mr. O'Grady, Northern Trust's CEO and president, will replace Frederick H. Waddell, who will retire on that date, a company spokesman said.
Mr. O'Grady replaced Mr. Waddell as CEO on Jan. 1, 2018. Mr. Waddell has been chairman of Northern Trust since November 2009 and had been CEO since January 2008.
While Mr. Waddell was CEO, Northern Trust's assets under management increased more than 50% to $1.2 trillion; assets under custody nearly doubled to $8.1 trillion, according to a news release.