Merger With Bank of New York
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 ($18.5 billion today) 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 on October 1, 2007.
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