Not too long ago, Robert Kelly was a star in the banking industry. In 2009, he was sought by the Bank of America board to become their next CEO, though the negotiations quickly fell apart. That same year, Kelly was named one of the best CEOs in America by Institutional Investor. In 2010, he made nearly $20 million.

But the Bank of New York Mellon CEO has struggled mightily since then, and the stock has cratered. And the CEO is always going to be on the front line of criticism. Still, it was a shock when it was announced that Kelly left the company by mutual agreement with the board. It's unclear what exactly happened, though there must have been some right.

Some speculated that the board was angered by his "management style," in particular his willingness to blame others within the organization for the bank's woes and his perceived aloofness from daily operations. Gerald Hassell, BNY Mellon's president, is taking over as chairman and CEO. He will be expected to mend the ship quickly, perhaps settling charges that the bank overcharged various pensions for forex trades, a major source of uncertainty hanging over the firm. He may also want to settle charges that the bank acted improperly in its role as trustee for bondholders who had sued Bank of America for putbacks of various soured MBSs.

For more:
- here's a Reuters article

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