Chicago-based NorthernTrust Corp. appointed President William Morrison vice chairman, effectiveOct. 1.

CEO Frederick Waddell will replace Morrison as president.

Under his new role, Morrison, who served as president since 2011and as COO from 2011 to 2014 at the company, will participate in developing effortsaround strategic opportunities and will continue to lead the cultivation and developmentof key relationships with clients and prospects around the globe.