Northern Trust Expands Board of Directors
Northern Trust has officially announced exciting changes to its board of directors, welcoming Robert (Bob) Moritz and Richard (Rick) Petrino. These appointments bring a wealth of experience and leadership to the company, positioning Northern Trust for enhanced growth and success.
Meet the New Members of the Board
Robert Moritz's Impressive Background
Moritz, known for his pivotal role as the former global chairman of PricewaterhouseCoopers (PwC), will be joining the Northern Trust Board of Directors starting March 1, 2025. His leadership experience at PwC has equipped him with deep insights into global financial services, which will be invaluable as Northern Trust continues to expand its client offerings.
Richard Petrino's Leadership Experience
Joining immediately, Richard Petrino brings nearly three decades of experience from the American Express Company. As the former chief operating officer of American Express National Bank, Petrino played a vital role in guiding the strategic direction of the company. His expertise in corporate governance and financial operations will significantly benefit Northern Trust.
Insights from Leadership
Michael O'Grady, Chairman and Chief Executive Officer of Northern Trust, expressed his enthusiasm about these appointments. He stated, "I am pleased to welcome Bob and Rick to the Northern Trust Board of Directors. They each bring strategic, global perspectives and deep financial expertise that will be highly relevant to Northern Trust as it continues to serve our clients as a trusted financial partner. I am confident their leadership will contribute to Northern Trust’s continued success."
Robert Moritz's Professional Journey
Moritz's storied career at PwC included transformative leadership roles, such as U.S. chairman and senior partner, and managing partner for the New York region. His commitment to enhancing the PwC brand and delivering exceptional service is recognized globally. During his tenure, he significantly contributed to shaping the future of the financial landscape while leading teams across various sectors, including banking and investment management.
Additionally, Moritz's engagement with influential organizations underscores his dedication to fostering global business relationships. He serves on the Walmart (NYSE: WMT) board of directors and participates in the International Business Council of the World Economic Forum.
Richard Petrino's Extensive Career
Petrino's career at American Express spanned numerous leadership positions. His latest role as COO of American Express National Bank saw him guiding key policy decisions and steering the financial organization through challenging market environments. Before this, he held roles including executive vice president and global head of oversight. His diverse array of experiences equips him with a unique perspective on financial service operations.
His leadership on the Global Business Travel Group (NYSE: GBTG) board and the American Express National Bank board further showcases his strategic insights and governance capabilities.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a premier provider of wealth management, asset servicing, asset management, and banking to corporations, institutions, affluent families, and individuals. Since its establishment in 1889 in Chicago, Northern Trust has grown into a global leader with offices across the United States and in international markets. The company manages substantial assets under custody/administration and has built a reputation for exceptional service, financial expertise, integrity, and innovation.
Frequently Asked Questions
Who are the new board members appointed by Northern Trust?
The new board members are Robert Moritz, former global chairman of PwC, and Richard Petrino, former COO of American Express National Bank.
What experience does Robert Moritz bring to Northern Trust?
Robert Moritz brings extensive global leadership experience from PwC, including strategic roles and management of diverse teams in financial services.
What positions did Richard Petrino hold at American Express?
Richard Petrino held multiple leadership roles at American Express, including chief operating officer of American Express National Bank and executive vice president.
Why is Northern Trust expanding its board?
Northern Trust is expanding its board to leverage the expertise of seasoned industry leaders to enhance governance and strategic direction.
What is the focus of Northern Trust as a financial services provider?
Northern Trust focuses on wealth management, asset servicing, asset management, and banking, tailored for corporations, institutions, and affluent individuals.
