Northern puts Rick Waddell in COO’s seat

FWR Staff

21 February 2006

Trust company stalwart fills spot vacant nearly four years. Northern Trust’s board of directors has named Frederick Waddell as its president and COO. Waddell, who was also named to the board, will hang on to his responsibilities as president of the Chicago-based trust company’s corporate and institutional services. He reports to Northern chairman and CEO William Osborn.

“Rick is an exceptional leader and a highly regarded member of our executive management team," Osborn says in a press release. "As a 30-year Northern Trust veteran, he has extensive experience successfully managing and growing our business.”

Northern hasn’t had a COO since Barry Hastings stepped down in 2002.

Waddell joined Northern in 1975. From 1994 until 2003, he led Northern Trust's Wealth Management group. From 1991 until 1994, he was executive v.p. of Northern Trust Bank of California, with responsibility for Northern’s Los Angeles and Westwood offices. In the 1980s he was in charge of strategy and marketing for Northern as a whole.

Northern has 84 offices in 18 U.S. states and 11 locations international offices in North America, Europe and the Asia-Pacific region. On 31 December 2005 it had $2.9 trillion in assets under administration of and $618 billion in assets under investment management. –FWR