Robert "Bob" P. Kelly (born in 1954) is the former[1] CEO of The Bank of New York Mellon. Robert Kelly grew up in Nova Scotia, and went to Saint Mary's University in Halifax. After getting an MBA at Cass Business School, he spent 19 years at Toronto-Dominion Bank. He joined First Union as chief financial officer in 2000 and played a key role in its merger with Wachovia. He then moved to Mellon Financial in February 2006. When Mellon merged with the Bank of New York in 2007 he became CEO of the new company The Bank of New York Mellon [2].
While at The Bank of New York Mellon, Bob Kelly pursued a policy of outsourcing key components of client facing operations to Pune, India and Pittsburgh, PA.[3] He callously eliminated jobs located in, what Mr. Kelly viewed as high cost centers (eg. New York), an approach which he hoped would increase revenue.[4] However, this had an adverse effect; the quality of service suffered, employee morale plummeted, and clients lost faith with the corporation’s leadership. As a result, The Bank of New York Mellon reported earnings below analyst's expectations, a significant loss in market share, and a continued decline in stock prices.[5]
On August 31, 2011 Robert Kelly stepped down as CEO of The Bank of New York Mellon. The official press release from The Bank of New York Mellon claimed the dismissal was a mutual decision between the bank and Mr. Kelly.[6] However, CNBC reported that Robert Kelly was forced to resign by the Board of Directors citing poor management style, lack of employee morale, and the inability to retain valuable talent.[7]
The Bank of New York Mellon agreed to pay $33.8 million in severance and benefits to Robert Kelly. [8]