Parker becomes President of Asset Servicing at Northern Trust
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Parker becomes President of Asset Servicing at Northern Trust 12 September 2024US Reporter: Daniel Tison
Image: Northern_Trust
Northern Trust Corporation has appointed Teresa Parker as president of asset servicing, as she defers her previously announced retirement.
Parker (pictured right) has served as president of EMEA at Northern Trust since 1982.
She has also held numerous executive leadership roles, including chief operating officer for asset servicing, head of APAC, and global head of securities lending.
In her new role, she will replace Peter Cherecwich (pictured left) who 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.
Cherecwich brings more than two decades of experience in managing complex client relationships and global operations.
He joined Northern Trust in July 2007 as head of institutional product and strategy.
Prior to that, he served in various executive and lead operational roles at State Street Bank.
These both leadership changes will come into effect on 1 October.
Commenting on this announcement, Northern Trust’s CEO and Chairman Michael O’Grady says: “These changes represent our One Northern Trust strategy designed to optimise growth, strengthen resiliency and drive productivity.
“They reflect the strength of our leaders, the depth of our talent practices, and our commitment to continuing to serve our clients with distinction in an ever-changing landscape.”
Steven Fradkin, currently serving as president of wealth management, will be named vice chairman of Northern Trust.
In this capacity, Fradkin will seek to enhance growth initiatives and foster deeper connections across the firm’s client franchise.
He joined Northern Trust in 2004 as executive vice president and chief financial officer, and later became president of asset servicing.
Chief Financial Officer Jason Tyler will assume the role of president of wealth management.
Tyler brings a broad range of experience to this role, having served as head of corporate strategy, Asset Management’s head of the Institutional Group, and Wealth Management’s chief financial officer.
Tyler’s position of chief financial officer will be given to David Fox Jr. who is currently president of the Global Family and Private Investment Offices Group.
Fox joined Northern Trust from J.P. Morgan in 2012, after serving as vice chairman of investment banking for more than three decades.
A successor to Fox to acquire the role of president of the Global Family and Private Investment Offices Group will be announced soon.
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