Greenwich, Conn., May 9, 2025 – RSR Partners, a leading board and executive search firm, is proud to recognize Joseph (“Joe”) Echevarria, Chair of the board of The Bank of New York (BNY), as The Russell S. Reynolds, Jr. Chair of the Year Award recipient.
The Chair of the Year Award was established to celebrate the legacy of one of the search industry’s greatest leaders and icons, Russ Reynolds, who has spent more than 50 years advising boards and CEOs on leadership. The award annually recognizes a Chair for their leadership and ability to successfully steer a public company Board through significant business or governance challenges. The winner of the award is chosen by an independent selection committee comprised of renowned experts in their fields, including Mikaela Boyd, Sarah Nash, Kim Lew, Dan Hawkins, Nik Deogun, and Brett Stephens.
“The profound governance transformation at BNY since 2019 is a direct result of the board’s exceptional ability to navigate unexpected challenges,” said Brett Stephens, Chair of the selection committee. “Joe can authentically connect with people at all levels, and he is known for his low ego and great sense of purpose. His calm, measured, and values driven leadership was never more evident than during the surprise CEO transition in 2019, when Joe stabilized the board, and ultimately guided a CEO succession process that selected Robin Vince as CEO-Elect in March 2022. Since then, BNY has been a leader in its sector and has achieved a 108% total return vs. 32% in the Financial Sector (IUFS ETF).”
“Joe’s ability to focus the board on BNY’s most critical priorities, never letting personal agendas or comparisons to other boards dilute the conversation,” stated Kim Lew, a member of the selection committee. “Perhaps most impressive is his behind-the-scenes influence: his steady guidance with the board and management along with strong relationships with regulators, even as the financial sector faces growing scrutiny.”
“Joe consistently places the institution above himself —listening first, speaking last, and ensuring every voice around the table is heard,” said Al Zollar, fellow board member at BNY. “In a time when boardrooms demand both diplomacy, trust-based relationships, and decisiveness, Joe has set the tone and tenor for the board to focus on doing the right things right.”
“I am honored and delighted that a board leader like Joe Echevarria was selected,” stated Russ Reynolds. “I have always believed that the best leaders are those that put others above themselves. And as any seasoned sailor knows, storms will come—and I believe all great companies need calm, capable captains to chart the course forward. Joe is the model of what great board leadership looks like.”
About Joe Echevarria
Joe Echevarria has served as a director of BNY since February 2015 and as Chair of the Board since September 2019. Joe served as Chief Executive Officer of Deloitte LLP, a global provider of professional services, from 2011 until his retirement in 2014. He previously served in increasingly senior leadership positions during his 36-year career at the firm, including U.S. Managing Partner for Operations, prior to being named Chief Executive Officer. Joe currently serves as a trustee, President and CEO of the University of Miami, and CEO of UHealth–University of Miami Health System, where he leads more than 20,000 professionals whose focus is transforming lives through education, research, and patient care. He remains active on various boards, serving on the boards of directors of both Pfizer and UNUM. He previously served as Chairman of President Obama’s My Brother’s Keeper Alliance and as a member of the Private Export Council, the principal national advisory committee on international trade.
About Russell S. Reynolds, Jr.
Russell S. Reynolds, Jr. (“Russ”) is an American business executive, author, and founder of two of the search industry’s most prominent firms. Considered one of the pioneers of the executive search and board recruiting profession, Russ has counseled the boards and CEOs of many of the world’s leading companies over the past 50 years. In 1969, he founded Russell Reynolds Associates, which soon became one of the world’s foremost international executive recruiting firms. Russ sold his interest in the firm in 1993. In 1994, Russ founded The Directorship Group, later named RSR Partners, where he served as Founder and Chairman until 2022.
About the Chair of the Year Award
RSR Partners announced the establishment of the Russell S. Reynolds, Jr. Chair of the Year Award in October of 2022. The award celebrates the legacy of Russell S. Reynolds, Jr. (“Russ”), who has spent more than 50 years advising boards and CEOs on leadership and governance.
To be eligible for the award, a nominee must serve as a Chair of a board of directors at a U.S. public company with revenue or market cap greater than $1 billion. The peer nomination period takes place from August through September. The winner of the award is chosen by an independent committee comprised of renowned experts in the areas of strategy, finance, strategic communications, shareholder activism defense, investment management, human capital consulting, and corporate governance. This year’s committee included:
More information about the award can be found at: www.chairoftheyearaward.com.
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Contacts
Lindsay Griesmeyer
+1 (203) 618-7076
media@rsrpartners.com
In a striking rebound, the IPO landscape in the Americas has surged this year by over 20% compared to the same timeframe in 2023, with the proceeds from these offerings more than doubling due to the larger size of the deals[1]. This resurgence is led by the healthcare and technology sectors, particularly biotechnology, which alone launched nine deals raising a collective US$1.5 billion. Artificial intelligence (AI) continues to capture the market’s imagination, but investors are increasingly demanding tangible proof of its potential impact. Despite the looming challenges of global geopolitical tensions and the upcoming U.S. presidential election, the robust start to the market and growing investor confidence suggests a promising horizon for public listings, extending beyond large-cap entities to a broader spectrum of companies into 2024-2025.
Drawing on three decades of experience advising boards and CEOs through complex leadership challenges, we have observed the speed bumps investor-led boards face when transitioning to become more independent. A critical juncture often arrives when financial sponsors perceive a viable route to an IPO. The significance of a board’s capabilities and composition in maximizing a public listing cannot be overstated, yet one of the greatest barriers is often the reluctance of directors to relinquish their positions when it becomes clear that change is necessary. While some boards hesitantly skirt around these issues, the most successful ones embrace a proven pathway to prepare their governance structures for the public markets.
To navigate this transition and effectively prepare for a future IPO, chief executive officers and boards should consider three governance best practices:
1. Board Architecture
The axiom in real estate that “the taller the building, the stronger the foundation needs to be” equally applies to board structure. Recent shifts in corporate governance have redefined board construction to better weather potential challenges. In advance of any public listing, it is essential for boards to address these fundamental governance tenets.
2. Board Leadership
Determining the leadership structure of the board is perhaps the most critical decision post-architecture finalization, influencing the board’s capabilities, effectiveness, and culture:
3. Board Recruiting
The current environment for board recruitment is fiercely competitive, with a pressing need for directors who bring diversity of thought, background, and expertise. When adding additional independent directors to the board, we have found it is important to keep the following concepts forefront when building out the rest of the board.
By adhering to these best practices, companies who are on the path to an IPO can assemble a board that not only meets today’s challenges but also positions the company for sustained success in the public domain.
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Brett Stephens is the CEO of RSR Partners and helps lead the firm’s Board & CEO Services.
RSR Partners is a boutique professional services firm headquartered in Greenwich, CT, that specializes in helping Boards and CEOs with their most critical recruiting, selection, and succession needs. The firm was founded in 1993 by industry icon and Chairman Emeritus, Russell S. Reynolds, Jr. Over the past 30 years, the firm has conducted thousands of projects for Boards and CEOs at public, private equity owned, and family-owned businesses across a range of industries including asset management, consumer markets and enterprises, financial services, healthcare, industrial, marketing and digital, and technology. To learn more about RSR Partners, click here.
[1] Data provided by EY Private.
