Pershing LLC announced that Chief Operating Officer Lisa Dolly will replace Ron DeCicco as CEO, effective Feb. 16, as DeCicco retires from the top spot at Pershing; he will continue to advise Dolly over the next year.
Brian Shea, BNY Mellon (BK) vice chairman and CEO of Investment Services — who preceded DeCicco as CEO at Pershing — said in a statement that Dolly "has been an exemplary chief operating officer" over the past three years and that as CEO, "I am confident that she will lead the company to continued success."
Dolly, a 25-year Pershing veteran, sits on Pershing's executive committee and parent BNY Mellon's operating committee.
It's not uncommon for top executives at Pershing to have several decades worth of longevity at the firm. That's the case with DeCicco (who's been at Pershing for 45 years), Shea and Dolly.
In a 2013 interview, DeCicco and Dolly acknowledged that it's common practice for Pershing executives to get experience in different divisions within the firm. At the time, they said that the firm also likes to leaven the home-grown talent with key hires from outside the organization, mentioning Mark Tibergien and John Brett.
Lori Hardwick would be the latest high-level example of that management strategy.
