BNY Mellon has appointed Donald J. Heberle to be the new Chief Executive Officer of BNY Mellon Wealth Management, succeeding current CEO Lawrence Hughes.

After 24 years with the company, Hughes has decided to retire from his role as of June 30, 2015, and will continue with BNY Mellon in an advisory role within BNY Mellon Investment Management.

Heberle will be based in New York where he will continue to direct the long-term growth and expansion strategy that the Wealth Management leadership team has been driving for the past two years.

Commenting on his appointment, Heberle said: "BNY Mellon is an institution with a rich history and a bright future, and I am honored to have the opportunity to lead one of its key businesses. I look forward to working with my colleagues across both Wealth Management and the rest of Investment Management on strategic initiatives to expand the business, while delivering innovative solutions to serve existing clients and attract new ones."

Since he joined BNY Mellon in 1997, Heberle has served in several key leadership roles.

As Executive Director of Client Advice and International Wealth Management, Heberle oversees the firm's International Wealth Management business, its Family Wealth Advisory and Wealth and Estate Strategist groups as well as client service delivery strategy.

In previous roles Heberle served as Executive Director for the Family Office and International Wealth Management businesses; was Director of Investment Strategy for Mellon's Private Wealth Management group; and developed and implemented the firm's tax-managed equity investment process.

Heberle received a bachelor's degree in economics from Harvard College and a master of business administration in finance and accounting from Carnegie Mellon University.

"We thank Larry Hughes for his 24 years of service to BNY Mellon. He and his talented leadership team have helped build BNY Mellon Wealth Management into one of the strongest firms in the business. We are pleased to announce that Don Heberle, one of Wealth Management's most senior executives, will now take over as CEO," said Curtis Arledge, Vice Chairman of BNY Mellon and CEO of Investment Management.

"I look forward to continued growth under Don's leadership and am also very pleased that Larry is willing to serve BNY Mellon in an advisory role."

"It has been a privilege working with everyone at BNY Mellon over the past two and a half decades, and under Don Heberle's capable leadership, I am confident that Wealth Management will continue moving forward with great momentum." Hughes said.

"I'm proud of having led a team that was continually at the top of the industry in client satisfaction and retention, of our efforts to build the brand and profile, and of our ongoing expansion in current and new markets."