Northern Trust Corp. has announced a leadership transition, with president William Morrison transitioning to vice chairman as of Oct. 1.
Frederick Waddell, current chairman and chief executive officer, will also take on the role of president.
Morrison has been president since 2011. He also was chief operating officer in addition to president from 2011 to 2014. Morrison served as executive vice president and chief financial officer from 2009 to 2011, and president of wealth management from 2003 to 2009.
In his new role, Morrison will continue his work in global client relationship building and help with strategic initiatives.
“Bill is a leader with tremendous experience and outstanding judgment and we will benefit from his focused efforts around growing our talent, client relationships and capabilities,” Waddell said.
Chicago-based Northern Trust Corp. has a Northern Trust Bank office on Wisconsin Avenue in downtown Milwaukee. The company has $6.2 trillion in assets under custody and about 40 global offices.