https://www.bloomberg.com/news/articles/1998-05-03/a-bid-for-mellon-bank-may-get-nasty?leadSource=uverify wall
The sole mistake that Cahouet made was in choosing his successor.
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That’s true, but that was after Marty destroyed Frank’s “balanced bank” by selling the retail bank and squandering the proceeds by purchasing HR outsourcing companies, a business fad at the time in which Mellon had zero expertise. Frank’s model had been to carefully select and acquire companies such as the Boston Company to keep the bank balanced.
Marty broke the balanced bank, Frank correctly viewed his achievements as being destroyed and was then willing to sell. On the bright side Marty was the most employee friendly CEO ever.
Frank picked Marty McGinn as his successor. Marty served for 7 years before being replaced by Robert Kelly. It was Robert Kelly who sold Mellon.
Had FC stayed on a few more years, there would be a stand alone Mellon.
MoveOn.com
Also: https://www.latimes.com/archives/la-xpm-1998-apr-23-fi-42069-story.html
It’s like the Butterfly Effect.
Consider the ramifications of one man’s sole poor decision.