Bank of New York Mellon : Frank V. Cahouet, Former Mellon Chairman, Passes Away at 85

Frank V. Cahouet, who served as Chairman and Chief Executive Officer of Mellon Financial Corporation from 1987 through 1998, passed away on June 20, 2017. He was 85.

Cahouet is credited with helping Mellon, a predecessor of today's BNY Mellon, navigate one of the most difficult passages of its storied history.

'Frank joined Mellon just after the bank had taken its first loss in 118 years. A series of bad loans threatened its future. Frank immediately set about stabilizing, recapitalizing and revitalizing Mellon, which involved taking some difficult actions to get the company back on sound financial footing. His decisive actions saved Mellon,' Gerald L. Hassell, chairman and chief executive officer of BNY Mellon, said. Prior to joining Mellon, Cahouet served as Chairman and Chief Executive Officer of Crocker National Bank, helping that company navigate substantial loan problems.

'Frank also made a number of decisions that helped lay the foundation for BNY Mellon's present-day role as a leading investments company, including acquisitions that turned Mellon into a leading U.S. asset manager,' Hassell added.

In 1993, Mellon acquired The Boston Company, a leader in the creation of investment products and strategies tailored to the needs of pension plan sponsors. One year later, Mellon acquired Dreyfus, one of the oldest and largest mutual fund companies in the U.S. and a pioneer in the development and distribution of money market funds.

'Frank will be fondly remembered as a business leader who did not shy away from the most daunting of challenges and as a pillar of the Pittsburgh community,' Ian Stewart, chairman of BNY Mellon Pennsylvania, said.

Cahouet was born in Cohasset Massachusetts, and attended Milton Academy, Harvard University and the Wharton School at the University of Pennsylvania. He was a resident of Sewickley Heights, Pennsylvania.

Cahouet, along with his wife Ann W., who survives him, strongly supported educational and cultural institutions in Western Pennsylvania. He was a trustee emeritus of Carnegie Mellon University, the University of Pittsburgh and the Senator John Heinz History Center, and a director emeritus of the Extra Mile Education Foundation and of the advisory board of the Little Sisters of the Poor. Frank's survivors also include his children, Ann P. Cahouet, Frank Cahouet Jr., Mary Cahouet-Rotondi and David Cahouet and six grandchildren.

After being diagnosed with Parkinson's disease, Cahouet donated funds to create the Cahouet Center for Comprehensive Parkinson's Care at Allegheny Health Network, which opened in April 2016.