CIBC Mellon has appointed Steven Wolff as new president and CEO, effective 14 November.
He will replace Thomas Monahan, who is set to retire at the end of the year. Wolff will take on responsibility for strategy and performance, and will also take up a place on the board of directors for CIBC Mellon Trust Company.
Wolff has 30 years of experience in financial services and investment administration, and will join CIBC Mellon from the Nova Scotia Pension Services Corporation (NSPS), where he is currently CEO.
Here, he is credited with leading the transition from a government to a non-profit organisation as well as with improving operating platforms and encouraging expansion into new alternative investment classes.
Before this, Wolff held several senior risk management and investment operations positions at State Street Bank and Trust company, leading teams in Canada, the UK, the Cayman Islands and Africa.
John Ferren, senior vice president for finance at CIBC, and a member of the board of directors for CIBC Mellon, said: “Canada is a complex and unique investment marketplace, and Steven Wolff’s deep and personal understanding of the challenges and opportunities ahead will no doubt prove very valuable for CIBC Mellon and its stakeholders.”
He added: “Steve joins a strong and dynamic team and has the vision to lead CIBC Mellon forward as Canada’s leader in asset servicing.”
Wolff said: “CIBC Mellon is well known and respected as a leader in its industry.”
He continued: “As a client for many years, I know first-hand the importance the company’s highly engaged team places on putting clients at the centre of all they do. I am looking forward to building on CIBC Mellon’s proud 20-year history of delivering strong service, operational excellence and continuous innovation for its clients.”
Wolff was a founding member of the Canadian Public Pension Leadership Council, and has sat as vice chair of the Actuarial Standards Oversight Council.
