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.)

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

More from Stocks

Stocks Are Lower as Dow Heads for Eighth Straight Drop

Stocks Are Lower as Dow Heads for Eighth Straight Drop

Novo Nordisk Stock Pops Nearly 3% on Positive Diabetes-Drug Results

Novo Nordisk Stock Pops Nearly 3% on Positive Diabetes-Drug Results

Video: Here's Why One Markets Pro Is Raising Cash Right Now

Video: Here's Why One Markets Pro Is Raising Cash Right Now

Why Spotify Is the Ultimate Speculative Stock to Buy

Why Spotify Is the Ultimate Speculative Stock to Buy

Mesoblast Soars on Stem-Cell Treatment Data

Mesoblast Soars on Stem-Cell Treatment Data