Bank of New York Mellon executive chairman sells shares
Thursday April 24, 2:29 pm ET
Bank of New York Mellon Executive Chairman Thomas A. Renyi sells 28,291 shares of common stock
WASHINGTON (AP) -- The executive chairman of financial services company Bank of New York Mellon Corp. sold 28,291 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing.
In two Form 4 documents filed Wednesday with the SEC, Thomas A. Renyi reported he sold the shares Monday for $41.57 to $42.29.
Let us all hope that Bob Kelly (BK of BK) builds a strong management team with some innovation, vision and desire to do more than collect obscene compensation for mediocre performance and shareholder returns. Maybe Kelly's "lack of experience" is a breath of fresh air as opposed to Renyi's "vast experience" which performance-wise speaks for itself. There is no doubt in my mind that management's compensation should be based on ONE factor ..... SHAREHOLDER RETURN. Stockholders both institutional and individuals MUST INSIST on this caveat. All should make their feelings known to Bob Kelly and the Board of Directors. Good luck to all and to Bank of New York Mellon..
Hope you corect that BK can return to a position of high regard. I am cautious about that as the guy running BK now has no background or event modest experience in any of the business lines for which BK must rely for growth. Let Tom move into retirement with thanks for keeping BK afloat under difficult circumstances.
Renyi disposing of some of his shares doesn't alarm me. It's not the first time he's done it and I think he should diversify his investments. I would be genuinely concerned if we saw Kelly selling large blocks at this juncture
Now that I post to this board, I cannot let a populist and ignorant comment like this go unanswered. Having known Tom for nearly 30 years, I can vouch for his hard work ethic, his honesty and his devotion to the Bank. Yes, he is paid a LOT of money. But he has had tens upon tens of millions for a long time. He has taken this company through some very tough times. And he made the ultimate selfless act in order to make the Mellon deal happen. I spoke to him about this myself. He clearly had the Bank and its shareholders first and his ego last. I know this and you should as well. Its not always easy to get past the money that a man like this makes. But he has paid a heavy personal price to make you money too. Stick with BK and his final sacrifice, that will build the future of BK, will also make you lots more money in the next few years.
You have got to be kidding. What ultimate selfless act are you taking about. Agreeing to step down. Stepping down with his tens upon tens of millions. That's big of him. He was on his way out anyway. I guess since you have known him for 30 years you are a little biased.
Renyi did squat for the shareholders after he took the reins from Carter Bacot, a true genius who grew the bank and made tons for the shareholders, increased dividends and split the stock 3 times. Just look at the stock's performance during Renyi's years. For most of that period, we saw our valuation shrink 50% and go sideways year after year. I don't know who you are (bkmuseum) but I spent 37 years with bk. I go back to Sam Wooley, Elliot Averett, Howard Podeska, Peter Herrick, etal. Bacot by far was responsible for BK becoming a powerhouse. When Renyi tried a Bacot move on Mellon many years ago, Frank Cahout, then Mellon Chairman, kicked sand in his face. Bacot would have eaten Frank for breakfast. So please let's not infer that Tom made a big sacrifice for the good of the company and the shareholders. The only sacrifices have been made time and again by the shareholders.