Pershing announced Wednesday afternoon that Lori Hardwick will be leaving her position as chief operating officer at the firm this week, after only 11 months as the No. 2 executive at the Jersey City, New Jersey-based firm, part of the Bank of New York Mellon.
Hardwick was named COO effective Feb. 29, 2016, succeeding in that position 26-year Pershing veteran Lisa Dolly, who was named CEO two weeks earlier, succeeding the retiring Ron DeCicco.
Hardwick came to Pershing from Envestnet Inc., which she joined in 2000 and at which she held a variety of positions, the last being as group president of advisory services. Upon her hiring, Dolly said in a statement that Hardwick “brings many years of investment, technology and advisory expertise to Pershing and will help us deliver solutions which empower clients and improve the advisor and investor experience.”
Longevity is common among top Pershing executives, with many spending decades at the firm, though Pershing has also named outside executives to key posts serving advisors, most notably Mark Tibergien.
Pershing spokesman Paul Patella said the company was taking steps to replace Hardwick in the COO position.
In an interview last week during the Financial Services Institute’s OneVoice conference, Hardwick said Envestnet and Pershing had “lots of overlapping clients” and while the “issues were different, the people were the same.”