Northern Trust Corporation announced today that William L. Morrison has been appointed President and Chief Operating Officer.<br /><br />The appointment will take effect October 1, and Morrison will continue to report to Chairman and Chief Executive Officer Frederick H. Waddell.<br /><br />"Bill is an exceptional leader and a highly regarded member of our executive management team," Waddell said. "As a 38-year veteran of the banking industry, including the past 15 years at Northern Trust, Bill has played a key role in bringing Northern Trust to its present strong position."<br /><br />Morrison, an Executive Vice President and member of Northern Trust's Management Group, has served as Chief Financial Officer since September 2009.<br /><br />Replacing Morrison in the role of Chief Financial Officer will be Michael G. O'Grady, who will join Northern Trust in August and assume the role of Chief Financial Officer effective October 1, reporting to Waddell.