Mellon Hires Wachovia Exec

Robert Kelly replaces Martin McGuinn as CEO.
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Mellon Financial

(MEL)

hired

Wachovia

(WB) - Get Report

finance chief Robert P. Kelly as its CEO, succeeding the retiring Martin McGuinn.

The Pittsburgh-based asset manager said it began an extensive internal and external search process last September in connection with the succession of McGuinn, who is 63 and will retire simultaneous with Kelly's arrival.

"Bob Kelly has a proven track record and will hit the ground running," McGuinn said, "as such, there is no need for a transition process."

Wachovia, Charlotte, N.C., named Thomas Wurtz finance chief, replacing Kelly.