Mellon kin left off BONY-Mellon board |
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Published
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Fri, 22 Jun 2007 03:37
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PITTSBURGH (AP) - The 18-member board that will head The Bank of New York Mellon Corp. will not include a Mellon relative.Seward Prosser Mellon, a board member of Mellon Financial Corp. since 1972, is not one of the eight board members that Mellon has nominated for the board of the merged firm, the companies announced Thursday.Bank of New York Co.'s planned $16.5 billion takeover of Mellon Financial is set to close July 1. Under terms of the deal, The Bank of New York will appoint 10 members to the board.Seward Mellon is the adopted son of Richard King Mellon, a philanthropist and conservationist who guided the Pittsburgh-based Mellon financial empire during the middle of the 20th century. He is the president and chief executive of the Richard King Mellon Foundation, the largest charitable foundation in the Pittsburgh area.Mellon Financial CEO Robert Kelly and Vice Chairman Steven Elliott were nominated to the merged board along with six other longtime Mellon board members.The Mellon family and bank financed or provided venture capital for much of Pittsburgh's industrial boom, including steel magnate Henry Clay Frick, and businesses including Alcoa and Gulf Oil.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Voters OK Bank of New York-Mellon deal 