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Northern Trust CEO to resign in 2018, remain as chairman

Frederick Waddell will step down as Northern Trust Corp.'s CEO on Jan. 1, 2018. He will remain chairman.

The role will be taken up by Michael O'Grady, in addition to his current post as president.

The decision was "the result of a robust and deliberate succession planning process," Waddell, 64, said in a news release.