At Boston Private Financial Holdings, Clayton G. Deutsch will succeed Timothy L. Vaill as chief executive officer and president on July 31. The succession plan to replace Vaill was announced last year. Deutsch is a senior partner at McKinsey & Co. The company's board will elect a new non-executive chairman from its independent directors to assume that role on July 31. Walter Pressey, Boston Private's vice chairman and president, will continue to serve as vice chairman and remain on its board of directors.

Deutsch, 55, began his career in banking in the 1970s and has worked at McKinsey since 1980. He worked in its private banking, wealth advisory, and wealth management sectors.

Deutsch has been the global leader of McKinsey's merger management practice since 2006. Before that, Deutsch founded and led McKinsey's Great Lakes financial services practice from 1986 to 1995. Deutsch has served as Chairman of McKinsey's principal review committee, a member of its director review committee, a longtime member of the shareholders council and chair of its professional standards committee.

"Despite the challenges faced by all financial institutions the past several years, Boston Private has maintained and built upon a strong reputation for distinctive client service," Deutsch said. "There is a terrific opportunity to grow this business in selected markets as the needs of the wealth sector in this country continue to expand and evolve, and the need for high personal service levels and high integrity advice becomes paramount."

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