Activist hedge fund Marcato Capital takes aim at BNY Mellon CEO

Tribune – Activist hedge fund Marcato Capital Management is pushing for the ouster of Gerald Hassell as CEO of Bank of New York Mellon, saying that the bank was not achieving its potential and management wasn’t doing enough to boost its performance.

“We believe that meaningful improvement will not occur without meaningful change in leadership and that starts with the CEO,” Mick McGuire, the founder of the San Francisco-based hedge fund, said in a letter Tuesday to Wesley W. von Schack, an independent director who leads the bank’s executive committee.

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