Northern Trust has elected Martin Slark to its board of directors, succeeding William Smithburg who is retiring after 30 years at the US-based financial services company.

Slark is vice chairman and chief executive at Molex – a global supplier of electronic interconnects. Over 35 years at Molex, he has held senior leadership positions, including president and chief operating officer, president of the Americas region, and president of the Far East South region. He has held positions in the US, Europe and Asia, and is also responsible for establishing Molex in Hong Kong, China, India, South Africa, Malaysia and Thailand. He also serves on the board of directors at Molex, Liberty Mutual Holding Company, and Hub Group.

In other recent developments, earlier this month Northern Trust announced it had hired Margaret Law as head of client services for asset servicing in Hong Kong.