Activist investor Marcato Capital pushes BNY Mellon to replace CEO
An activist investor wants Bank of New York Mellon's CEO to be replaced.
Marcato Capital Management said in a letter Tuesday that BNY Mellon needs new leadership in order to trim costs, cut jobs and increase shareholder value. Marcato has a 1.6 percent stake in the bank, making it the 12th biggest shareholder, according to FactSet.
A BNY Mellon spokesman said the company welcomes "input from all of our shareholders." He added that CEO Gerald Hassell has increased shareholder value, reduced costs and improved profit margins. Hassell has been CEO since 2011.
Marcato, a San Francisco-based hedge fund, has also pushed for changes at other companies in which it has a stake, including auction house Sotheby's.
Shares of New York-based BNY Mellon fell 56 cents, to 1.4 percent, to $39.23 in afternoon trading. They are up about 18 percent in the last 12 months.