The Bank of New York Appoints James Vallone as Chief Auditor and Kevin Piccoli as Head of The Company’s Corporate Consulting Group
NEW YORK, December 13, 2006 – The Bank of New York Company, Inc. announced today the appointment of James Vallone as executive vice president of the Company’s main subsidiary, The Bank of New York, and chief auditor of both the Company and the Bank. Mr. Vallone succeeds Kevin Piccoli, executive vice president, and will report to the audit committee of the Company’s Board of Directors and in an administrative capacity to Thomas A. Renyi, chairman and chief executive officer. Following the completion of the recently announced merger between The Bank of New York and Mellon Financial, Mr. Vallone will serve as the chief auditor of the combined company.
Mr. Vallone joins the Bank from Merrill Lynch & Co., Inc. and has over 25 years of experience in the financial services industry. Mr. Vallone has held several strategic positions at Merrill, most recently as managing director and global head of control risk and business process for its global markets and investment banking business. In addition, Mr. Vallone previously served as global head of business continuity management, global head of internal audit, executive assistant to the chairman and CEO, and held a variety of financial and managerial positions in Merrill’s global markets and investment banking business and in its corporate office. Prior to joining Merrill Lynch, Mr. Vallone spent four years with Deloitte & Touche in the financial services practice. Mr. Vallone holds a B.S. from Syracuse University, an M.B.A. from Columbia University, and is a CPA.
Thomas A. Renyi, chairman and chief executive officer of The Bank of New York Company, Inc., said, “Jim’s extensive experience and leadership in the areas of audit, finance and risk management will be a critical component in our efforts to deepen and broaden the scope of the Bank’s audit function, building on Kevin’s valuable contributions. Kevin has significantly advanced our audit capabilities in recent years, and we look forward to his continued leadership and contributions in his new strategic role.”
Mr. Piccoli will head the Company’s newly formed Corporate Consulting Group, a team of experts who will lead business process reengineering initiatives as well as strategic projects designed to strengthen product offerings, maximize operational efficiencies, and enhance overall business performance globally. Mr. Piccoli will report to Thomas P. (Todd) Gibbons, senior executive vice president and chief financial officer.
Mr. Piccoli, CPA, has served as The Bank of New York’s Chief Auditor since 2001. Prior to The Bank of New York, he was the managing director and chief financial officer of Cantor Fitzgerald and eSpeed, Inc., a NASDAQ listed majority-owned subsidiary of Cantor Fitzgerald, where he was responsible for the global accounting, regulatory, management reporting, investor relations and treasury functions. From 1992 to 1999, Mr. Piccoli was a managing director and chief financial officer of Greenwich Capital Holdings, Inc. (GCH), which currently is a subsidiary of the Royal Bank of Scotland. Prior to joining GCH, Mr. Piccoli was an audit partner at Coopers & Lybrand where he specialized in financial services industry auditing. Mr. Piccoli holds a bachelor’s degree in Accounting from Fairfield University.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and private banking. The Company’s extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
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