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Charles W. Scharf Appointed CEO of BNY Mellon; to become Chairman on January 1, 2018

BNY Mellon announced today that Charles W. Scharf has been appointed Chief Executive Officer and a Director of the company, effective immediately, and will become Chairman of the Board of Directors effective January 1, 2018. Gerald L. Hassell will continue to serve as Chairman of the Board through December 31, 2017, working closely with Mr. Scharf to ensure a seamless transition of responsibilities.

Gerald L. Hassell, Chairman of BNY Mellon's Board of Directors, said, "Today's announcement is the culmination of the Board of Directors' robust and long-term succession planning process. Charlie is an accomplished and distinguished leader, with a record of profitably growing businesses, driving innovation and managing complex, large-scale global financial services organizations."

Mr. Scharf was most recently Chief Executive Officer and a Director of Visa Inc. from October 2012 through December 2016 and was recognized for transforming the firm into a technology-driven digital commerce company. Before joining Visa, Mr. Scharf served as Managing Director of One Equity Partners, JPMorgan Chase & Co.'s private investment arm, and previously served as the Chief Executive Officer of Retail Financial Services, one of JPMorgan Chase's six lines of business. Earlier in his career, he was at Bank One Corp. as Chief Financial Officer and Chief Executive Officer of the retail division, and previously at Citigroup and its predecessor companies, serving as Chief Financial Officer of the Global Corporate and Investment Bank immediately prior to joining Bank One.

Mr. Hassell continued, "Under Charlie's leadership, Visa transformed its technology platform by opening access to its network and capabilities, partnered with the world's leading technology companies to drive new payment experiences, introduced new technologies to improve payment system security and built a world-class management team. Charlie is ideally suited to lead BNY Mellon through the next phase of growth."

Commenting on Mr. Hassell's planned retirement at year-end, Joseph J. Echevarria, Lead Independent Director of BNY Mellon's Board of Directors, said, "The Board has selected a successor who can build on the tremendous progress Gerald Hassell has made as Chairman and CEO in transforming BNY Mellon into a market-leading financial services firm. The Board and I want to thank Gerald for his career-long dedication to BNY Mellon and congratulate him on his numerous achievements. As CEO, he refreshed the company's strategy and successfully executed against a publicly-stated 2014 to 2017 three-year Investor Day plan designed to create value for the firm's clients, investors and employees. Gerald restructured the management team, improved talent in key positions, accelerated...