Dreyfus Shakeup

CEO Steve Canter steps aside.
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Asset manager Dreyfus named its president and operating chief, Thomas F. Eggers, CEO.

The New York-based unit of Pittsburgh's

Mellon

(MEL)

said Jon Little, chief executive of Mellon Global Investments, will be named Dreyfus chairman. Steve Canter, who was Dreyfus' chairman and chief executive, will retire at year-end.

"Growing U.S. intermediary business through Dreyfus is one of Mellon Asset Management's most important strategic objectives and Tom has led Dreyfus' transformation to a customer-focused distribution company," said Ronald P. O'Hanley, president of Mellon Asset Management.

"Consistent with our ongoing strategy to add global investing capabilities to our very successful asset management franchise, we are better aligning our worldwide distribution infrastructure. Jon has led our global distribution arm and will now have the opportunity to work more closely with Dreyfus to help it become an even greater distribution force," he said.

The news comes just days after Mellon agreed to a $17.5 billion merger with

Bank of New York

(BK) - Get Report

.

"We would like to take this opportunity to thank Steve Canter for his enormous contributions to the Dreyfus franchise over his tenure of 11 years," O'Hanley said. "Steve enjoyed a stellar career in investment management, topped by his leadership of Dreyfus since 2001. He will be greatly missed."

Eggers was promoted to chief operating officer of Dreyfus in April of this year after having rejoined Dreyfus as president a year before. Eggers originally joined Dreyfus in April 1996 as head of Dreyfus Investments, was appointed vice chairman of the Dreyfus Corporation in January 1999 and promoted to president in October 2001.

Little will become chairman of Mellon Global Investments and remain co-chairman of Mellon International. Before joining Mellon Global Investments in July 2000, he was head of sales and distribution for JP Morgan Investment Management's international fund and sub-advisory businesses outside the U.S.