Joseph Echevarria
Bank of New York MellonAbout Joseph J. Echevarria
Independent Chair of the Board at The Bank of New York Mellon Corporation (BNY), age 68, director since 2015, Lead Director from 2016–September 2019, and Independent Chair since September 2019. Former CEO of Deloitte LLP (2011–2014) with 36 years at the firm; recognized as a financial expert, with deep accounting, regulatory and compliance expertise. Holds a bachelor’s degree in business administration from the University of Miami; currently serves as CEO and President of the University of Miami and CEO of the University of Miami Health System. Current public company directorships: Pfizer Inc. and Unum Group.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Deloitte LLP | Chief Executive Officer | 2011–2014 | Senior leadership of large global professional services firm; policy-making, regulatory and compliance expertise |
| The Bank of New York Mellon Corporation | Director; Lead Director; Independent Chair of the Board | Director since 2015; Lead Director 2016–Sep 2019; Chair since Sep 2019 | Board leadership, agenda setting, executive sessions, oversight; consults on CEO compensation and succession |
| Xerox Corporation | Director | 2017–2023 | Board oversight in technology/operations; governance |
| President Obama’s My Brother’s Keeper Alliance | Chairman | Prior service | Public policy and community impact |
| Private Export Council | Member | Prior service | National advisory on international trade |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Pfizer Inc. | Director | Current | Public company board service |
| Unum Group | Director | Current | Public company board service |
| University of Miami | Trustee; CEO; President | Current | Also CEO of University of Miami Health System |
Board Governance
- Independence: One of 10 independent directors; Board meets regularly in executive sessions without management, led by the Independent Chair. Directors follow enhanced independence standards exceeding NYSE/SEC baselines.
- Committee assignments: Audit Committee member (designated “audit committee financial expert” and “banking/financial management expertise”); Corporate Governance, Nominating & Social Responsibility (CGNSR) Committee member; Finance Committee Chair.
- Committee activity levels (2024): Audit—13 meetings; CGNSR—5 meetings; Finance—5 meetings.
- Attendance and engagement: Board held 14 meetings in 2024; each director attended at least 75% of aggregate Board and committee meetings; average director attendance approximately 95%. Directors are expected to attend the Annual Meeting; all directors attended in 2024.
- Board leadership: As Independent Chair, responsibilities include presiding over meetings, agenda/materials approval, calling special meetings, leading executive sessions, meeting investors/regulators, and consulting on CEO evaluation and succession.
- Oversight effectiveness: Annual self-evaluations (multi-year cycle including third-party facilitated interviews and peer feedback), robust director orientation, and continuing education; proactive stockholder engagement reaching >65% of outstanding shares in 2024–2025.
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Board Cash Retainer (2024) | $110,000 | Standard non-employee director retainer |
| Independent Chair Cash Retainer (2024) | $150,000 | Chair premium |
| Audit Committee Membership Retainer (2024) | $15,000 | Additional cash retainer |
| Finance Committee Chair Retainer (2024) | $25,000 | Additional cash retainer |
| Total Fees Earned in Cash (2024) | $300,000 | Elected to defer all or part under Director Deferred Compensation Plan |
| Policy Update for 2025 | Independent Chair $175,000; Audit/Risk membership $25,000; HRC Chair $35,000 | Framework adjusted to reflect market and responsibilities |
| Joseph J. Echevarria – 2024 Director Compensation | Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| Amounts (BNY 2024) | $300,000 | $195,000 | $495,000 |
Performance Compensation
- Structure: Annual equity grant in deferred stock units (DSUs) for independent directors; $195,000 value in April 2024; units vest on the earlier of one year after grant or the next Annual Meeting and must be held while serving on the Board; dividends accrue and are reinvested. No options or performance-conditioned awards for directors.
| Joseph J. Echevarria – 2024 Equity Grant Detail | Grant Date | Instrument | Units | Grant Date Value |
|---|---|---|---|---|
| Annual Director DSU Award | April 2024 | Deferred Stock Units (DSUs) | 3,581 | $195,000 |
Director equity has holding requirements and is not tied to performance metrics, aligning oversight incentives without creating pay-for-performance conflicts typical of executives.
Other Directorships & Interlocks
| Company | Industry | Role | Potential Interlock/Conflict Considerations |
|---|---|---|---|
| Pfizer Inc. | Pharmaceuticals | Director | No disclosed related party transactions with BNY requiring approval or proxy disclosure; independence upheld. |
| Unum Group | Insurance | Director | No disclosed related party transactions with BNY requiring approval or proxy disclosure; independence upheld. |
| University of Miami and Health System | Education/Healthcare | Trustee; CEO; President | Board’s independence review considered ordinary-course services across entities; amounts below materiality thresholds; independence maintained. |
Expertise & Qualifications
- Leadership of large global organization; senior policy-making experience with deep accounting, regulation, and compliance expertise; designated financial expert.
- Skills include finance, governance, risk management, and board oversight; complements BNY’s systemically important bank profile.
Equity Ownership
| Metric | Value | As-of Date | Source |
|---|---|---|---|
| Beneficial Ownership (Shares) | 100,962 | Feb 19, 2025 | Proxy beneficial ownership table |
| Shares Outstanding | 717,973,917 | Feb 19, 2025 | Proxy beneficial ownership section |
| Ownership (%) | ~0.014% (100,962 / 717,973,917) | Feb 19, 2025 | Calculated using disclosed shares |
| Anti-Hedging/Pledging | Prohibited for directors; transactions require pre-clearance | Policy | Governance guidelines |
| Director Stock Ownership Guideline | ≥5x annual cash retainer within 5 years | Policy | CGNSR oversight |
| Insider Compliance Snapshot | Status | Notes |
|---|---|---|
| Section 16(a) Filings (2024) | Timely; no delinquent reports | Company review and representations confirmed compliance |
Governance Assessment
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Strengths:
- Independent Chair with audit, finance, and governance committee roles; designated audit committee financial expert; strong risk and capital oversight via Finance Chair position.
- Robust independence review and related-party transaction controls; no 2024 related party transactions requiring CGNSR approval or disclosure; ordinary-course services to director-affiliated entities at prevailing terms and below thresholds.
- High Board engagement and attendance culture; rigorous annual evaluations with third-party facilitation; proactive investor outreach (>65% of shares).
- Director pay mix emphasizes equity with mandatory retention; anti-hedging/pledging; clear ownership guidelines.
- Shareholder support signal: 95% approval on 2024 say-on-pay.
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Potential watch items:
- Time commitments: concurrent University of Miami leadership roles; BNY’s guidelines require pre-approval for significant outside commitments and enforce overboarding limits. He serves on two public boards, which complies with policy; CGNSR reviews compliance annually.
- Ordinary-course services to entities where he served were reviewed and deemed immaterial; continued monitoring appropriate to preempt perceived conflicts.
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Implications for investors:
- Strong board leadership and financial oversight reduce governance risk and support investor confidence, especially for capital planning, risk appetite, and audit integrity.
- Alignment mechanisms (equity retention, anti-hedging/pledging, ownership guidelines) bolster skin-in-the-game; absence of director performance-linked equity avoids misaligned incentives.