CHICAGO (AP) ¿ Investment management company Northern Trust Corp. said Tuesday it named William L. Morrison as chief financial officer, replacing Steven L. Fradkin.

Fradkin will serve as president of the company's corporate and institutional services business unit.

Morrison had served as executive vice president and co-president of personal financial services since 2003. His responsibilities will be assumed by Sherry Barratt, president of personal financial services.

Additionally, Timothy J. Theriault is stepping down as president of corporate and institutional services to pursue interests outside the financial sector.

(This version CORRECTS headline Morrison named CFO not Fradkin.)
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