State Street Corp. (STT) said Tuesday it appointed a new chief
risk officer, Andrew Kuritzkes, after his predecessor departed in
March.
Kuritzkes most recently served as a partner and head of Public
Policy with Oliver Wyman, an international management consulting
firm.
The move fits with the money manager's goal of increasing its
risk oversight. State Street Chief Executive Joseph L. Hooley
pledged the company would pay more attention to risk management at
the company's shareholder meeting in May, calling the issue "near
and dear" to his heart.
Hooley took over the role of CEO this year, though he has worked
at State Street since the 1980s.
Kuritzkes succeeds Maureen Miskovic, who left the company in
March. State Street's chief legal officer served as interim chief
risk officer in the meantime.
Financial firms' risk management came under intense scrutiny in
the wake of the financial crisis.
State Street shares were flat in after-hours trading at $33.95.
The stock has dropped 22% in the last year, underperforming broader
markets.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;
joan.solsman@dowjones.com