By Kiah Haslett | Northern Trust Corp. elected David H. B. Smith Jr. to its board of directors on Wednesday, and board members Harold B. Smith and Arthur L. Kelly announced their retirement. Smith is the executive vice president of policy & legal affairs and general counsel at the Mutual Fund Directors Forum. Previously, he held several positions at the U.S. Securities and Exchange Commission, including associate director in the Division of Investment Management. He also serves on the board of directors at Illinois Tool Works Inc.

Northern Trust announced Tuesday that its first-quarter profits had fallen short of expectations.