US-based custody bank Northern Trust has announced a number of leadership changes that will see the president of asset servicing Peter Cherecwich become COO.

In the newly-created role, Cherecwich will focus on ensuring operations and resiliency, effective risk management and controls, and scalable growth.

Meanwhile, Teresa Parker will defer her previously announced retirement and serve as president of asset servicing.

Parker most recently served as president for Europe, Middle East and Africa (EMEA). She has been based in London, Singapore and Chicago and has held numerous executive leadership roles including COO for asset servicing, head of the Asia Pacific Region and global head of securities lending.

Other changes include Steven Fradkin becoming vice-chairman of Northern Trust, current CFO Jason Tyler becoming president of wealth management, and David Fox Jr, becoming CFO.

A successor to Fox to serve as president of the global family & private investment offices group will be named soon.

“These changes represent our strategy designed to optimize growth, strengthen resiliency and drive productivity,” chairman and CEO Michael O’Grady said.

“They reflect the strength of our leaders and depth of our talent practices, and our commitment to continuing to serve our clients with distinction in an ever-changing landscape.”