Merger With Mellon
Talks of a merger began when Tom Renyi approached Robert Kelly about a possible amalgamation between the Bank of New York and Mellon Financial Corporation. The $16.5 billion deal was finalized on July 1, 2007, with Kelly as the Chief Executive Officer (CEO) of the new company, and Renyi as Executive Chairman. Per the deal, the new Board of Directors is composed of ten directors appointed by the Bank of New York, and eight by Mellon. The Bank of New York Mellon launched its new brand identity as on October 1, 2007.
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Famous quotes containing the word mellon:
“There is no reason for any suggestion that Mr. Hughes would resign, nor is there any reason for the suggestion that Mr. Mellon would resign, if either of them did not get exactly what they wanted from Congress; and I am not going to resign because I don’t get what I want.”
—Calvin Coolidge (1872–1933)