Fiduciary Trust Names Austin V. Shapard President & Chief Executive Officer

BOSTON, Aug. 12, 2014 /PRNewswire/ -- Fiduciary Trust Company announced today that Austin V. Shapard will succeed Douglas R. Smith-Petersen as its President and Chief Executive Officer. Mr. Shapard will assume office on September 2, 2014. He also will serve as the President and Chief Executive Officer of Fiduciary Company Incorporated, Fiduciary's parent company, and as a Director on the Boards of both corporations.

Mr. Shapard will become the eighth CEO of Fiduciary Trust in its 129-year history. He follows Mr. Smith-Petersen, who is retiring after 41 years with the Company, including the last 12 as its President and CEO.

"Fiduciary Trust is an iconic New England institution that I am excited and honored to lead. As individuals, families, and charities continue to seek independent, sophisticated, and objective investment management and financial advice, I see significant opportunities for us. I look forward to working with the Board and the talented team at Fiduciary to continue helping clients preserve and grow their wealth and achieve their goals," said Mr. Shapard.

Ellen M. Zane, Fiduciary's Lead Director, stated, "Austin's appointment today concludes a comprehensive search and transition process conducted by our Board of Directors and management. We thank Doug for his years of devotion to Fiduciary and for the thoughtful leadership he has provided, and we are excited to welcome Austin as our new leader. Austin's knowledge of financial institutions, executive experience, and commitment to excellence make him an outstanding choice for this role."

Mr. Smith-Petersen stated, "Austin's extensive background in wealth management and his strategic vision will be great resources for Fiduciary Trust in the years ahead. I am confident that he and our dedicated employees will continue providing the highest quality of service for current and future clients."

Prior to joining Fiduciary, Mr. Shapard spent more than eight years with Rockefeller & Co., the global wealth management firm, in various leadership positions, including President & COO and most recently Vice Chairman & Managing Director. While he was at Rockefeller, the firm grew from roughly $12 billion in client assets to more than $40 billion. Prior to Rockefeller & Co., Mr. Shapard spent seven-plus years at McKinsey & Co. where he was an Associate Principal and counseled various asset managers, trust companies, private banks, and other financial institutions on a range of tactical and strategic issues. He received an MBA in Finance and Entrepreneurial Management from The Wharton School at the University of Pennsylvania and a BA in History from Yale College.

About Fiduciary Trust Company

Headquartered in Boston, Fiduciary Trust Company is one of the country's largest and oldest independent wealth managers. With more than $11.7 billion of client assets under supervision, the company provides comprehensive investment management; trust and estate administration services; and financial, estate and tax planning for families, trusts, private foundations, and endowments. For additional information, please visit www.Fiduciary-Trust.com or contact Robert Holdway at 617-574-3408.

SOURCE Fiduciary Trust Company