The Bank of New York Mellon Corp., the country's sixth-largest bank with more than $1.3 trillion in assets under management, said late Wednesday that Robert Kelly has stepped down as chairman and chief executive officer due to differences with the bank’s directors regarding his management approach.

Gerald Hassell, president and board member has been named as Kelly’s immediate successor. Hassell, 59, has been with the former Bank of New York for more than three decades while Kelly led the bank since 2007. Kelly served as chief executive officer of Mellon Financial Corp. prior to the merger of Bank of New York and Mellon Financial.

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