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.

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