Northern Trust has announced a number of leadership changes, effective Oct. 1, 2024.
Pete Cherecwich, president of asset servicing, will become chief operating officer. In this newly created role, Cherecwich will focus on ensuring operational excellence and resiliency, effective risk management and controls, and scalable growth.
Teresa Parker will defer her previously announced retirement and replace Cherecwich as president of asset servicing. Parker most recently served as president, Europe, Middle East and Africa. She has been based in London, Singapore and Chicago and has held numerous executive leadership roles including COO for asset servicing; head of APAC; and global head of securities lending.
Steve Fradkin, currently president of wealth management, will become vice chairman of Northern Trust. In this capacity, Fradkin will seek to enhance growth initiatives and foster deeper connections across the client franchise. Jason Tyler, CFO, will replace Fradkin as president of wealth management.
David Fox, president of the global family & private investment offices group, is appointed CFO. A successor to Fox will be named soon.