State Street Announces Leadership Succession Plan
October 22 2009 - 4:38PM
Business Wire
State Street Corporation (NYSE:STT), one of the world’s leading
providers of financial services to institutional investors, today
announced its leadership succession plan. Chairman and CEO, Ronald
E. Logue, age 64, will retire from State Street on March 1, 2010,
after almost two decades with the company and then continue to
serve as non-executive chairman of State Street’s board of
directors for a transition period until January 1, 2011. Upon
Logue’s retirement on March 1, 2010, current State Street president
and chief operating officer, Jay Hooley, age 52, will be promoted
to CEO. State Street also announced today that Hooley has been
elected to its board of directors, effective immediately.
“One of the hallmarks of State Street is a strong management
team,” said Gregory L. Summe, lead director for State Street’s
board of directors and chairman of the board’s Nominating and
Governance committee. “Today’s announcement results from the
Board’s extensive succession planning process and ensures continued
strong leadership for State Street. Ron Logue has done an
outstanding job as State Street’s Chairman and CEO, leading the
company through significant global expansion and most recently,
through a period of unprecedented market turmoil. Jay Hooley is a
proven leader, with more than two decades of experience at State
Street, who is ideally suited to assume the role of CEO and guide
State Street’s growth in the years to come.”
Since joining State Street in 1986, Hooley has held a number of
leadership positions with the company. After heading the company’s
US Mutual Fund sales organization, Hooley joined State Street’s
shareholder servicing joint venture with Kansas City-based DST
systems. From 1988 to 1990, he served as president and chief
executive officer of National Financial Data Services and went on
to become president and chief executive officer of Boston Financial
Data Services from 1990 to 2000. During this time, he was
responsible for the creation of International Financial Data
Services, extending the joint venture’s shareholder servicing
offering to Europe and Canada. He returned to State Street in 2000
to manage its global investment servicing business. Hooley, a
member of State Street’s Operating Group, the company’s most senior
strategy and policy-making team, was named vice chairman in 2006
and president and chief operating officer in 2008. In this capacity
he is responsible for State Street’s asset servicing activities
worldwide including investment servicing, investment research and
trading, and global operations and technology.
“My primary goals when I assumed the role of CEO in 2004 were to
drive State Street’s global expansion and ensure its position as a
market leader across our core businesses,” said Logue. “Despite
significant headwinds over the past 18 months, we have emerged over
the course of the last five years as a stronger, more global
organization. This performance is a testament to our more than
27,000 talented employees around the world whom I have been
privileged to lead.”
During Logue’s tenure as CEO State Street’s operating revenues
from 2004 through 2008 have grown by a five-year compound annual
growth rate (CAGR) of 18.9%. Reflecting the company’s global
expansion, during the same period State Street’s non-US revenues
have grown to 35% of total revenue. Building on the successful 2003
acquisition of Deutsche Bank’s global securities services
businesses, during 2007 Logue orchestrated the largest acquisition
in State Street’s history of Investors Bank and Trust Company,
solidifying the company’s market leadership in mutual fund, pension
fund and alternative asset servicing.
“I am ready and enthusiastic to lead State Street,” said Jay
Hooley. “State Street continues to be well positioned relative to
attractive long-term growth trends in the global financial markets.
We have an excellent management team, a strong capital position,
extensive customer relationships and a culture of customer focus
and innovation, all of which will continue to serve us well and
drive State Street’s growth into the future.”
About State Street
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $17.9 trillion in assets
under custody and administration and $1.7 trillion in assets under
management at September 30, 2009, State Street operates in 27
countries and more than 100 geographic markets worldwide. For more
information, visit State Street’s web site at
www.statestreet.com.
Forward Looking Statements
This news announcement contains forward-looking statements as
defined by United States securities laws, including statements
about our goals and expectations regarding our business, financial
condition, results of operations and strategies, the financial and
market outlook and the business environment. These statements are
not guarantees of future performance, are inherently uncertain, are
based on current assumptions that are difficult to predict and
involve a number of risks and uncertainties. Therefore, actual
outcomes and results may differ materially from what is expressed
in those statements, and those statements should not be relied upon
as representing our expectations or beliefs as of any date
subsequent to the date of this release. Important factors that
could cause actual results to differ materially from those
indicated by any forward-looking statements are set forth in our
2008 Annual Report on Form 10-K, our Current Report on Form 8-K
dated May 18, 2009 and our subsequent SEC filings. We encourage
investors to read these filings, particularly the sections on Risk
Factors, for additional information with respect to any
forward-looking statements and prior to making any investment
decision. The forward-looking statements contained in this press
release speak only as of the date hereof, October 22, 2009, and we
do not undertake efforts to revise those forward-looking statements
to reflect events after this date.
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