CIBC Mellon announced Wednesday the appointment of Tom Monahan as president and CEO of both CIBC Mellon Global Securities Services Co. and CIBC Mellon Trust Co.

Monahan is currently head of CIBC Wood Gundy and chairman and CEO of CIBC Investor Services. He will join CIBC Mellon in his new role on November 2.

CIBC Mellon is 50-50 jointly owned by CIBC and BNY Mellon.

Monahan succeeds Tom MacMillan who will become the chairman of CIBC Mellon’s board of directors upon Monahan’s arrival. As chairman, MacMillan will remain an influential leader at CIBC Mellon. His strategic vision and strong understanding of CIBC Mellon’s clients’ needs will continue to bring strength to the company’s overall operations and quality of client service.

“Tom Monahan has an extensive financial services industry background and a proven track record that will benefit both our clients and our employees,” says MacMillan. “His tremendous industry knowledge combined with CIBC Mellon’s capable and experienced executive management committee will ensure a seamless transition.”

On behalf of CIBC Mellon’s Board, current chairman Richard Venn expressed his thanks and appreciation to MacMillan for his more than 11 years of leadership at CIBC Mellon. “Tom MacMillan transformed a small company that began with 10% market share and 200 employees to a leading provider of custody and trust services known for its extraordinary client focus with some 1,400 employees. We are delighted that he will be assuming the role of chair of CIBC Mellon.”

As he steps forward to lead CIBC Mellon, Monahan brings more than 30 years of progressive leadership experience in the financial services industry. In 1995, he became national sales manager for CIBC Wood Gundy and managing director of CIBC World Markets. Since 1999 Monahan has served as head of CIBC Wood Gundy, the full-service retail division of CIBC. He was named chairman and CEO of CIBC Investor Services in October 2002.

Gravel to lead CIBC Wood Gundy

Taking over as head of CIBC Wood Gundy will be Monique Gravel, who was most recently regional director of Quebec and Atlantic Canada at Wood Gundy. Gravel has 30 years experience as an investment advisor, and has been with the firm since 1978.