Osborn leaving as Northern Trust CEO

Northern Trust Corp. said Tuesday that William Osborn is stepping down on Jan. 1 after 12 years as chief executive and will be succeeded by Frederick Waddell.

Osborn, 60, has served as chief executive of the Chicago trust bank since 1995 and will remain chairman of the board of directors. He said in a prepared statement that the announcement of his departure is being made now "to allow adequate time for me to continue to work with Rick to assure a successful transition."

Waddell, 54, who has worked at Northern Trust since 1975, currently serves as president of the company. He will continue to serve as president after he takes over as chief executive next year.

Shares of Northern Trust rose $1.60, or 2.3 percent, to $71.37 in Tuesday trading. The stock has doubled in the past four years but remains below its 2000 peak above $90 a share.